How do I claim this property we bought?

[Danny G.]

Some history: My brother and I purchased a home in a closed bid tax sale, and we've been working to get it rented. We bought it in August 2012 and have been making repairs and funding it on our own. We each have full time jobs, and have always filed basic tax returns. I have always done my own taxes, and now I'm not sure how to file this property we bought. It is both of our names, so should it go on his or my taxes? would it benefit him more than me since he has two kids/ does it make a difference? Any advice is appreciated, thanks.