There are some things you left out. Like you do not own the horse for the 1st year you have it and you are suppose to be inspected during that year to be sure you are caring for the horse.
There are more than 40,000 horses in holding pens - some beleive the total is over 50,000.
If you get a BLM horse, you must pick it up in a steel stock trailer and have very good fencing. There are requirements on the fence & shelter.
We have had several over the years and they are great - - if handled and trained correctly. The biggest item is gaining their trust - which can be a very long time. We had one that took 5 months.