A "C&R" is a license to collect (purchase) certain firearms without going through a regular FFL. It is NOT a dealers license, although occasional sales are allowed to maintain your collection.
Generally, guns over 50 years old are eligible. More here...
As far as "hoops", not many to get your own. Info in the link and from ATF website. Pretty easy & pretty cheap.
Downside: You're in bed with the Government...bothers some folks.