bad fuel
Normal with a cold engine.
It's condensation from the exhaust system that gathered when the engine cooled from the last run.
Bad head gasket, and/or warped head !
I have a 2006 325i bmw .. my problem is ... my check engine light came on .. and after that starting to lose power ... so I parked at home ..I began to walked around the car I noticed water ... clear water coming from the exhaust pipe.. no black or gray color just clear.... With a little white smoke specially when I started it in the morning .. but it will stop within a few minutes... I'm assuming it's the heads or crack block. .... can anybody .... shaded some light here..