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Let's break it down:
I'm is a contraction of the words "I" and "am." This indicates that she is the subject of the sentence and that the rest of it will refer to her.
"Looking for" indicates that she is searching for something. Either physically or metaphysically.
"a" indicates that whatever she is looking for is a singular thing.
"bf" could mean a number of things, but most commonly it is shorthand for boyfriend, which is a male romantic partner.
