Quoted: After watching some of the bulletfest vids, I am interested to learn what is required to get a licence/permit to own/buy a full auto rifle.
As a side question, why does an M16 cost $15,000 when I can get an AR-15 for $1000? Is it really $14,000 more work to add a "go fast" switch?
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Step 1: Get LOTS of cash.
The reason full autos cost so much is you are paying for their "transferrable" status.
The registration of transferable MGs ended in 1986 thus creating a collectors market.
Once upon a time a M-16 was about the price of a AR-15 plus stamp. Of course once upon a time Ty Cobb baseball cards were a dime.
Step 2: Find the one you want
As there is no dealer price or wholesale supplier you are gonna have to hunt and search (or pay a dealer to do it for you) until you find the MG you want at a price you are willing to pay.
Step 3: Do the Form 4.
This will transfer ownership from the current owner to you. Once it clears (2-3 months) you can then get your registered MG.