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Unless a bimmer's different, you need to remove the upper engine parts, valve cover, front cover, timing chain, camshaft, spark plugs.
Then you apply pressure in the cylinder one by one (to prevent valves from dropping into the engine cylinder), then do Exhaust, then intake valve by removing the locks and springs, removing and replacing valve seals.
On some cars you may have to shim the valve springs, or replace a few.
When completed, you reinstall everything.
Everytime you do those kind of job, you're in for some surprises.
And, if your car comes with a timing belt instead of a chain, good time to replace it, along with belt tensioner, and maybe the water pump.
Just in gaskets, it'd be more than 50$.
I'd say that 50$ should cover the valve seals, and maybe the front cover gasket.
For a dealer, 2k$ seems close, 5k$ seems excessive.
A good german mechanic should be around 1200 - 1500$, including parts.
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