Got it.......no more flashing lights!!!!!
I got the fix - found on another thread on Bimmerfest
It has to do with the Hazard/door lock unit next to the gear shift. Unfortunately, it is also next to the cupholders......and when you have a drink there and drive the way most of us drive in our Beemers, stuff spills into the unit (which is not enough to be concave and accept the liquid willingly). I had to remove the center console, which actgually was not too hard. Pull up the ashtray in the back and there are 2 screws that need to be removed. Also, pull up the leather/plastic cover around the gear shift and it will reveal 2 additional screws. once these 4 are removed, the console becomes easy to move around. Did not have to remove the whole thing, but had to lift it high enough to push up on the Hazard/door lock unit, to where it popped out of the plastic that was holding it. There is a plug on the bottom side of it that will probably look very sticky/nasty...mine did. It is a little difficult to remove the plug - i had to shove a small screwdriver under the plastic cover to lift up the 'connector' and pull the plug out. Once removed, the flashers go off again. Ran over the connections with a q-tip to try and get some of the gunk off of them - pretty gross what all is removed. Plugged connection back in and have had no problem for 4 days now (this was after they would randomly flash for 7 straight days). Left the hazard/door lock box loose while I put the console back together, just so I could mess with it more if I had any other issues. All total, took me about 45 minutes - if I had to do it again, could do in about 10. If it ends up being the part is bad, or too dirty to replace, you can find it online for around $45 bucks - much cheaper than the $2-300 i have heard dealers charging to fix this issue.
Hope this helps.