Are we allowed to own them and if so what do we need to legally buy them?

Is it easier than getting a Class Three full auto?

Yes you are allowed to own them. Karl P Mann has several.... (huh Karl?)

If I understand correctly its the same process and fee as a class 3 weapon. But I'm sure Karl will chime in if I'm wrong.

You can own them under state and federal law here.  The tough part is getting the CLEO signoff.  The cost and difficulty is the same as with ALL NFA Title II items.  Federal law treats them the same and most CLEO's do as well.  Some CLEO's are more strict on silencers though.  Past El Paso county sheriff, Anderson, would sign for all NFA items except silencers.  Most treat them all the same though.  They either sign for all or none.  Karl.

Thanks for the info.