First I (think) you have to get fingerprinted/pay for background check Yes, in most cases
Second I (think) you have to pay $200 transfer fee for EVERY gun Yes, in most cases
Third I think you have to show safe storage and allow inspections so often? No, and no. There are no "safe storage" requirements under Fed. law. State law may vary. ATF has the right to "inspect" your paperwork. Not anything else. You don't give up your 4th ammendment rights.
Forth I think you need a letter of permission from local LEO? It's not a seperate letter. It is part of the transfer paperwork that the CLEO signs.
Are there more? Or are any of these wrong? Thanks.
Yes, you have to get fingerprinted.
You have to pay 200 for MG's, DD's, Sawed off shotguns, some SBS. AOW's like the Serbu Super Shorty are $5. I'm not aware that you have to demonstrate any specific kind of storage unless your CLEO requires it.
Correct, you are supposed to maintain a copy of the tax stamp with you and be able to produce the original.
You need to obtain a "CLEO" signoff or form a corporation to bypass the cleo signoff. The chief law enforcement officer is basically fulfilling the role of saying you're a decent guy not likely to misbehave. I am given to understand that corporate transfers are faster, but you have to be organized into a corporation, LLC or incorporation(?)... It's a good alternative for those in jurisdictions where none of the eligible CLEO's will signoff.
So the order goes.
ID item to purchase. IF out of state, procure services of class 3 dealer to get it transferred to their stock, THEN begin Form 4 transfer.
else,
Purchase item from c3 dealer. Fill out form 4.
Take fingerprint cards to get printed.
Take print cards, and Form 4's to CLEO for the signoff.
Stroke tax stamp check ($200/$5 as appropriate).
Once CLEO signoff obtained, bundle up package and sent to ATF.
Upon receipt, ATF processes it and sends the forms from their remote office, to another remote office of "examiners" in West-by-Gawd-Virginia. Once the Examiners get it, the check is cashed and your form 4 goes into "Pending" status. This is when the clock starts. There is no rhyme or reason to how long it will take. Examiners are assigned by the last name, or business name of the transferor (seller). Some are good, some suck. It was far, far worse when the examiners were in DC. If there is anything wrong with the forms, they kick it back to the seller, and you either correct / resubmit or cancel.
Once the Examiner determines all your papers are in order, they approve the transfer. They then send the form 4 to the seller via last class mail.
NOW, you may take home your class 3 item.
whether or not you should go class 3 is a decision only you can make. One way you might be able to compromise is bank all or part of the money and get a secured loan on it... Just a thought.
If it were me, and MG's were an interest, I'd do it, now. In just the last year Mac10's have gone up about $700. Things are starting to reach well into the teens now - as in umpteen thousand dollars...If you're a shooter, the time is now, before all the "safe queen collectors" own everything.
, registering you 
for the privilege of the first two, the government hater in me says to get several SBRs for the cost of one MG. I enjoy clogging the government with it's own stupid paperwork.
