Half Investment, Half Primary Residence

My brother and I want to buy a house together. We each put 10% down. I live in the house and pay the mortgage. Our ownership % does not change, as essentially, I am paying his half of the mortgage as rent.

What are the tax implications of this for each of us and does he need to be on the title? We want to sell in a few years and have the gains offset with appropriate tax depreciation.