Purchase of real estate with parents - tax implications

Hello,

I am a salaried individual looking to buy an apartment in my home town, essentially because my parents want a place they can rent out. They also want to sell a plot of land which is far from the town as they do not want to manage it going forward, and potentially re-invest the capital on this house.

My father is looking to contribute to part of the downpayment (50-50) and then I will take the debt, with them ready to contribute to 50% of the EMI if needed. He is almost 70 years old, and he's a retired govt. employee with a pension and sufficient rental income. I also have a brother abroad.

The tentative plan is for us to buy the place now, for which I wanted to understand the following :

1. Can I include my father in the home loan as a co-applicant / borrower?

2. Can I include my father and father as co owners of the property while we do the sale deed?

I'm looking for guidance on how to :

1. Save tax on the sale of my father's plot of land, and reinvest in this apartment - we are yet to officially put it on sale, but are planning to sell it within the next year.

2. Deciding co owners and co borrowers - my father is already old, and my brother lives abroad so if anything untoward happens I want to make sure it is hassle free, given legal heirs etc.

3. Save tax on rental income from this new property - my mother is a home maker and has income only from FDs, which make her fall below the exemption limit.

What would be the best way to go about this? Thanks a ton!