The building inspector came and recently shut the building down for health/safety reasons by turning off all the gas to each unit.

Yes, but I think these should be validating your selections, confirming that you are on the right track, and maybe not your primary criteria. 

While this does not affect me I assume, is this deed valid being changed after the notary stamp? 

Since you are a pro, use the calculators provided under tools to help but here is my quick rundown on a post-it:Buy = $80kRehab = $30kHML Points = $3kHML Interest = $3k (assuming 90 days held total)Holding Costs = $1,500 (assuming 90 days electric, gas, water/trash/sewer, builders risk ins, prop tax)*Selling Costs = $10k (6% relator fees, 1.5% closing costs)Sale Price = $135kProfit = $7,500*I am taking a very high level guess on your holding costsFor me this is WAY too thin of a margin.

There is also a place where a kitchen can be installed (my mother used to have one there, but removed the stove and had the gas cut off), and there is also a place for a full sized washer and gas dryer in the basement.

Not sure how much more gas is left in that tank either..  

For simplicity’s sake, I am considering rolling the utilities (water, gas, electric, internet/cable) into the rent.

It was built in the 50's and the owner pays water, gas, electric for the property.

Does anyone here have experience investing in or putting together oil and natural gas exploration investments? 

Plus a lot of other expenses are missing: I don't see water, electric, gas, lawn, etc...