The sellers have not been responsive when asked to provide that information, which is why I was wondering if it's a typical practice prior to submitting an offer. 

As Sean Wagner mentioned, the city of Chicago has adopted their own regulations on charging what's commonly referred to as a "security deposit" you need to do it another way. 

Anyone have practical experience with this that we can discuss further?

The final wild card is government regulation and how it could affect the investment.

It can also be probably fight in court if this is a monopolistic practice if you think about it but who will want to fight it :D.  

As a CPA and real estate investor who is a general partner in two syndications, I want to share some practical advice to set realistic expectations.

Quote from @Mike Arias: Quote from @Chizitem Ibeneme: I'm a college student, and I plan to start investing in multifamily homes once I graduate, and I recently started looking at deals on Zillow just so i can practice underwriting.

Programs that market themselves as shortcuts often cannot replace the depth of understanding that comes from study, experience, and engagement with the legal framework surrounding real estate.Consider taking time to familiarize yourself with local laws and regulations.

Being from illinois, I do get a kick at how much regulation goes on out there in tennessee - where people give me guff about how our local politicians here are so intrusive. 

If you hired an agent or a broker to work with you, you'd be covered - but regulations & laws vary from place to place.Screening is best done by establishing a set of guidelines to qualify applicant tenants, then sticking to those rules to avoid legal issues (and for your own sanity).