A quart every 2K is not horrible.
Many BMW owners regard this as normal, along with some leaks.
I am one such BMW owner.
Anyway, use a decent oil and filter (Fram has always been okay in my past experience, although there were better deals after MIR on P1s and Puro Classics over the summer), add oil as needed, and change oil and filter once a year.
I would check out the PCV system for both a stuck valve or clogged tubing, since this could be the source of some of the car's oil consumption.
Anyway, use it and drive it with an annual change until it dies, which could be a very long time.
Also, avoid 20W-50 in you climate.
Maryland gets pretty cold over the winter.
You migh try Maxlife 10w30 for the consumption and leaks, but a 20W-50 cannot be good for your engine.
I would not use 20W-50 myself, even though it falls within the original recommendations for my old BMW.
Also, if you have worn rings, some sources show that thinner grades can actually reduce consumption relative to thicker ones.
You might try a change using Maxlife 5w30 and see what happens with consumption.
After a period of initial high consumption, it might settle down to a reasonable level.
If not, work your way up through 10w30 to 10W-40, and see what happens with consumption.
Another thought is that you may have stuck rings.
Some memeber report good results with using MMO as an additive to the oil to free the rings, while others have used Kreen to clean things up.
You have a number of avenues to explore in trying to reduce oil leaks and consumption.
