Is that a common practice with utility companies?

Yes, but it is a lot easier with a credit score, so best practice is to start building your credit history.

One of the few places that's regulations allow it.

You need practice to become an expert in any field, and honestly, your first 20 calls are going to be horrible but step by step you're going to feel better and more confident in your ability to perform.

In practicality that should not be an issue while working. 

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Whether or not there is anything to be concerned about, you are foolish if you don't spend the time and money on a GOOD REAL ESTATE attorney (practice limited to real estate, good reputation, and works with a lot of buyers) to explain the contract to you.  

I will admit I was complacent on finding out if there were new restrictions or caps on the amount you can legally increase rent with the new regulations on rent control since I did not plan on increasing it.

The GNMA and FNMA also actively discourage the practice and have issued written guidance stating that lenders should not be requesting comfort letters from accounting firms.Unfortunately some lenders continue to do it as they want the assurance of an audit but do not want to pay for it. 

@Jon Mizuno, since 1031 is a federal statute it is practiced the same in all states.