Question about home title and income tax

[Roger Peng]

So I just bought my first property (4 plex) and had to use my parents to get the approval for the loan,

my question is, my parents plan to retire in the next 5 years and don't want anything in their name as it may affect what they get from the government, can I co-sign them on a mortgage but have me as the sole "owner" on the title? or do they have to be on the title, and if they do, can it be transferred to me after say 5 years when it comes time for them to retire?

also how does income tax work? if everything is being withdrawn from my bank account (mortgage, property tax, insurance, etc etc,) and all rental income comes into the same account, can it just be done as a regular tax report as I normally do year to year except now I have rental income?

thanks