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milky white transmission fluid is it a radiator problem?....please help! 700 1986

Hello All,
I just bought a 1986 740 GLE Station Wagon and my mom's boyfriend checked it out for me before we did. He noticed that the transmission fluid was milky white and said that meant there was water in it. He didn't know what could have caused it but knew it means trouble. I looked on here while I was still trying to decide if I was going to buy the car and found some other posts for a newer year suggesting that it was a problem with the radiator. Something about the way they are put together has the coolant and trans fluid both running into it and that if there was water in the trans fluid it was likely to be a radiator problem. I am not sure if that is what is the case here, we put some new trans fluid in and it stayed the rust color it should be but I havent driven it very far yet so the car hasnt really had a chance to run overmuch for me to find out if it will STAY the right color. If anyone could suggest some possible solutions for what would cause the trans fluid to turn milky white, and some possible solutions for those problems I would greatly appreciate it. Right now he is trying to look for a used radiator to go ahead and replace it but I didnt want to do that without posting my own message and seeing if the consensus was still the same with my specific problem. If it is the radiator if anyone knows where I could buy a used one or get a decent price on one in Northern Va that would also be greatly appreciated information. Thanks so much in advance!
Amy






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