Is it safe to be a co-signer on a mortgage if I want to rent my own place later?

My mom asked me to be a co-signer for a pre-approved mortgage since my dad has filed bankruptcy and can't do it himself. She wants to buy a house. She said he can become to co-signer in March when the bankruptcy is off his records.
I'm 20 years old and want to move out with my friend next year and rent a place. Will I be able to do that, buy a house or buy a car without having a bad reputation?
I am getting my first credit card this week and have paid off all my student loans. I don't want to be like my parents in massive credit card debt or anything. I'm scared signing will ruin my credit or they won't want to switch when the time comes. They've never done anything shady but they don't want me moving out ever (till marriage) so I am scared this is a ploy to make me stuck. Please help. If I don't sign my parents can't get a house because they have massive debt and stuff.

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