What all do I need to get that? Also will the ATF be making regular stops/ inspections to make sure everything is up to par?
It has been a very long time since I applied for mine, so it may be best to let google get you the most up to date answers. I imagine asking " How do I get an 03 FFL", will result in a lot of up to date information. I can tell you at the time, the process was pretty easy, and cost I think $30 for three years.
As for regular inspections, no, you will not... But you may be required if asked by the ATF for whatever reason, for a review of your paperwork (bound book that shows all purchases and sales) at their office or at your home, your choice. Biggest mistake folks make is getting too cute and easy considering this license as a way to make $$$, straw purchases for buddies, etc. You are expressly made aware very clearly by the ATF, that you are NOT in this as a business/dealer (01 FFL) and your 03 license is only for the acquisition of firearms for collection, study, preservation that meet the criteria set forth... Sure, you can sell what you acquire, but it can seem a gray area as to how much is too much in the eyes of the ATF.
Another thing to be aware of is even though you have an FFL, the USPS by the letter of their policy says only "licensed dealers" can utilize their services to ship handguns... I questioned this policy with my local PO speaking with the Postmaster, showed him their regs, my license explaining I am not a dealer, and other paperwork and he made the ruling I COULD ship handguns that fell within the legal guidelines pertaining to my license. Of course I have all of this documented in case anything weird would ever pop-up... Never hurts to ask.