How's the water/oil, I've had one that started quietly, but once warm started ticking, it was a slipped liner that needed the heat before it would start slapping. The fact it had a cylinder head in the back, does it need replacing ?. Has it been replaced?. ( look for new bolts ) it's a gamble buying any p38 unless you know the history, from an auction is being brave.. let's hope it's just a tappet not adjusting .. get a cheap stethoscope or use a screwdriver to try and locate the noise.