Would like to do an Oil change on my 550i myself, but I am looking for some guidance. Any information out there that will help me do this?. I do not have an access to any ramp, so I am looking to use something like a pump to remove the existing oil.

I personally don't like the pump idea. It is cheaper to get a pair of Rino ramp and drain the engine oil from the oil pan drain hole.

The oil change procedure is similar to other cars. The only difference is that the engine and tranny are hidden behind the plastic protector. There is a flap door which is held by a philip screw. Undo the screw and pull the flap door down, you will see the oil pan drain nut (17mm in size). You should buy the BMW oil filter element which include the oil drain nut washer (copper) and the oil filter O-ring. I use 7 quart of BMW oil for every oil change. I will switch to Mobil 1 after the warranty expired.