What should be taken note of in collaborating with professors/ researchers? Recently, as a fresh graduate with a BSc in both physics and mathematics, I've met up with a mathematics professor from a University in my home country.

During the discussion, he asked for my motivation in collaborating and I've made it clear to him that my objective is


  1) To indulge in research during my time in industry
  
  2) To obtain significant research experiences during the period in which we collaborate to strengthen my application for graduate admission.


We will be working on two future research directions built on a previously published paper of his. I have been told not to share the two future research directions until the paper is published. Further, he has not commenced on this research project yet due to teaching commitments. 
But, currently, I am picking up background knowledge related to this paper while familiarising myself with his previously published paper that is related to this current research.
This research looks something on the level of an Msc or honours level thesis.
He has made it clear that in collaborating, he expects results. 

In academia parlance, is it clear to academics that given (2) or the fact that he expects results, it is implicitly known that I expect a co-authorship? 
If it isn't, how should I broach this topic?
If it is, how do I ensure that he sticks to his word, assuming I do make a reasonable amount of contribution?
To what degree should transparency be ensured?
If this is your first real experience of research, please use this as a way of getting your feet wet, and learning how to do research.  I would advise against advocating for co-authorship with the professor in the early stage.  It could be seen as counting your chickens before they're hatched, or as a way of asking the professor to count his/her chickens before they're hatched.

Edit: I suppose you could let him know that you actually have a third objective which you forgot to mention -- to get a co-authorship.  But try to come across as ambitious and eager, rather than arrogant.  You said a primary goal is to get a strong reference for grad school.