I am thinking about buying bitcoins via Western Union or Moneygram, and reselling them for a small profit using the same money transfer services. I wish to only do this if i'm within the bounds of the US laws. I only plan to send and receive using cash at an agent location. I don't ever plan to exceed 1500 per trade. I would like someone to point me in the right direction because, I want to turn this into a legit day job for my own profit without breaking any laws.
I would start by reading the thread on BurtW (below), and carefully review the rules around running a 'money transfer business.' I'm assuming you are in the US ... if you are not, then it would be much easier I believe.
https://bitcointalk.org/index.php?topic=983611.0Anyway, if you are in the US, you should avoid, or be very circumspect about running an unregistered 'money transfer business.' Even if you are only going to do this on the side, as a hobby for yourself, you should still thoroughly familiarize yourself with the requirements of a 'money transfer business,' esp. around KYC, structuring, money laundering and such.
**In the US, law enforcement is trolling the btc money transfer market, looking small businessmen or hobbyists like BurtW, so that law enforcement can swoop in and confiscate your children's lunch money, piggy back, etc. They don't even need to make charges against you stick, because they use asset forfeiture laws to just take your sh*t.
In a nutshell, research your sh*t, and try to meet some others who are actively doing this and ask them all you can. You might try the currency exchange sub-forum.