Pros and cons of non-occupying co-borrower

[Dan V.]

What are the pros and cons of being a non-occupying  co-borrower? Planning to help my dad buy his first property but he has low income. Thinking of buying a property close to his work and house hack it. Both of our names will be in the title so I'm wondering who will claim the rental income/expense or if we sell it later on who will report the sale in the tax return? Also, if either of us wanted to transfer full ownership to one of us later on, will that result in a taxable transaction?

I will appreciate any help. For all the accountants, lawyers and other specialists out there, I will use any response for informational purposes only.