Don't get fooled by the PR angle of "public safety", requirements are minimal other than providing established business with regulatory capture.Given the real incentive you see why cities will play ball with AirBnB but not Uber.

Any legal/regulatory barriers?

that is not a lease option, that is a financed sale in the eyes of the regulatory agency's.

Then I found out I can see it online for free:http://realestate.yahoo.com/- or, locally -http://www.utahrealestate.com/And if I wanted to know more (for instance, to see AGENT-ONLY stuff) I could just call one of the other Realtors in town who'd be happy to help me.Now I've got a great Realtor and after seeing the regulatory pressure he is under (always afraid something creative is going to cause him to lose his license) I definately do not want to become a real estate agent.

The response is almost always the same; the regulatory body points out that our industry's loss ratios are just not large enough or substantial enough to warrant any kind of regulation (read the cost/benefit analysis just does not warrant the cost of regulation of our industry). 

All non regulatory rules are voided in a lease.

., or most other places, but there are differences in the financial, regulatory and taxation environments in which real estate is bought, sold and operated.Are your children old enough that you have an inkling of where they are likely to attend post-secondary eduction (i.e.  

Future market rents, maintenance costs, tax law and regulatory changes, population in your area, etc. are not a guarantee either. 

However, notes are difficult to leverage without getting into regulatory restrictions and banking while RE is easier to leverage using the other person's money.

Investors getting their license is great in theory, but then you are bound to many of the regulatory standards they are held, like he mentioned.