I have a 1991 BMW 750iL with a M70 V12
it has 132000 miles on it. I bought the car used and I have no history on it.

The problem is when I start the car is smokes but the smoke smells different not oily. The when it is running usually less then a minute the EML light comes on and it stops smoke but the car runs at reduced power. My question is what is wrong what what should I expect when I take it in?

You bought a problem child buddy!!
The EML light is on because there is something wrong
with the electronic "fly by wire" throttles.
as far as the smoking goes, the age and mileage of the
car, you may need a lot of engine work because of the design of the intakes and the PCV system.
good luck and repost and/or send me a private message
and you can tell me all about it.

The reduced power is because your car is running on half the cylinders. It is called limp mode which could be caused by a bunch of things. It stops smoking because it shut down the bad cylinders so it stops smoking.