I am going to rec an injection for an MRI. Just want to know how long it will stay in my system and what to expect while it is in my system, plus any side effects I should be aware of.
thank you.

Allergic reaction, nausea, vomiting, headache, dizziness, a sensation of pain, a general feeling of warmth or coldness are the most frequently recorded reactions.

However, there is emerging evidence of a rare, but serious systemic fibrosing disease called Nephrogenic Systemic Fibrosis/Nephrogenic Fibrosing Dermopathy (NSF/NFD).

Per the FDA:

Patients with moderate to end-stage kidney disease who receive gadolinium-based contrast agents are at risk for developing (NSF/NFD).

What are the side effects of gadolinium enhanced (contrast) MRI for internal auditory canal?

I have been advised to get an MRI with a contrast but then i would like to know if it posses any serious problems in future.
Any precautions to be taken during the procedure?

The contrast enhanced portion of a MRI of the IACs is very useful. If you have a growth on the IACs, called an accoustic neuroma, that area will light up like a light bulb, and nobody can miss it!

The contrast used in MRI is extremely safe. The risk of allergic reaction is very, very small. In fact, in over 15 years of doing MRI, I have never seen an allergic reaction from the Gad. If you have severe renal insufficiency (renal failure and on dialysis), there are additional risks of developing NSF. This is the reason you see all of the lawyer's commercials on TV regarding MRI and Gad.

"The contrast material used in MRI exams is less likely to produce an allergic reaction than the iodine-based materials used for conventional x-rays and CT scanning.....There is a very slight risk of an allergic reaction if contrast material is injected. Such reactions usually are mild and easily controlled by medication. There also is a very small risk of skin infection at the site of injection. Nephrogenic systemic fibrosis is currently a recognized, but rare, complication of MRI believed to be caused by the injection of certain (but not all) MRI contrast material in patients with poor kidney function."

http://www.radiologyinfo.org/en/info.cfm?pg=headmr

Please tell your MRI technologist about your concerns. He/she should be able to answer any of your questions, prior to your MRI.