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Read up in the M16/Full auto section.  This is covered all the time.

Money... they're too damn pricey, we need to remove those damn bans so everyone can enjoy the fun of a class 3.  Other than money, all you need to do is fill out a class 3 form, pay a $200 tax, get a extensive background check, and get a signature from a local "person with arresting powers"... or a sheriff, trooper, judge and so on.  That's assuming your state allows class 3 weapons.  If I'm missing other info someone please post it.