I'm under contract on a property where the county records report one less bedroom and one less bathroom than the property actually has.

A title company would be best bet to go through or you can call the country to find liens.the county does have a few sites that are useful in researching properties. country recorder (you can search for liens here, but if they are very recent they may not show)http://www.lcrecorder.com/reco...you can also call or email the recorder, contact info is here:https://www.lakecountyin.org/p...there is also the assessor site:http://counties.xsoftin.com/la...

Closing means everything is signed but it doesn't mean that it is funded and recorded.

@Michael Spindler I have an open house class we did and I recorded it.

Hi Everyone,I have placed an offer for a 4-plex and through the appraisal report, I got informed that each unit is 250 sqft less than the county records.

The problem I face is that after doing some research on the county records, I came to find out the buildings are owned by a corporation. 

Best,Alice Make sure your partner has experience and a successful track record flipping or doing renovation work before you partner.  50/50 could be a fair split if everything is as you describe.

. - tanent pays all utilities - low maintenance property cons:- number of bedrooms dosen't match with city records,  city shows one less bedroom and 1 more bathroom, might be issue in conventional mortgage ?

You can't sit around and worry about hypotheticals; instead, rent to tenants with good income, good credit and a clean criminal record. 

For the record, here's my approach when contacting a realtor to ensure that I'm mindful of their time:1.