Welcome, At least your doing the research first. Check on the IMS post but don't loose heart after you read them Some estimates I've seen are only 2 to 3 % have failed. There are allot of cars without this problem.
Be prepared for the maintenance. 
Oil change at least once a year with a good quality oil and there are 100's of posts on that. So don't be surprise if you take a shot for starting a what oil should I use post. 
The cars are hard on tire. If you want the performance from the car it will take a extreme or ultra performance tire generally 280 AAA or less and you will probably use a set up in 10,000 miles some less . Again look at the tire you think you want and query the forum. Tons of info already posted on tire, wear, and who likes which tires
Last everyone is going to tell you to get a good PPI on the car. An Auction may not permit that and my honest opinion is don't by at an auction. All the thing you need to look at can't be looked at in an auction lot. Even some one with good experience will be misleading you if they tell you they can eyeball one and give you the A-OK
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2003 Black 986. modified for Advanced level HPDE and open track days.
* 3.6L LN block, 06 heads, Carrillo H rods, IDP with 987 intake, Oil mods, LN IMS. * Spec II Clutch, 3.2L S Spec P-P FW. * D2 shocks, GT3 arms & and links, Spacers front and rear * Weight reduced, No carpet, AC deleted, Remote PS pump, PS pump deleted. Recaro Pole position seats, Brey crouse ext. 5 point harness, NHP sport exhaust
Last edited by jsceash; 07-20-2013 at 08:48 AM.
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