How does co-op loot work?

[Exzander]

Me and my nephew want to play through this game together in in co-op, start to finish.

Let's say I decide to be the host for our playthrough (so he always joins my game to keep campaign progress), how does the loot work for him? Say we're together running around and come across a new gun - does he not get this gun if I pick it up? Let's say we kill a boss and get a weapon from said boss - does he get the weapon too? Or can only one of us get the weapon?

I get that his levels/xp/traits/etc are saved, but what about the actual loot? The actual armor/weapons/mods? If only one of us gets a new weapon when it appears or comes by, that sort of defeats the entire purpose of co-op, right? Only one of us can actually gear out?

Or am I wrong about this and there's 2 (or 3) copies of each armor set/weapon if you are playing in co-op, so that everyone gets the loot?

Please clear this up for us if you guys can.

[Argyle]

All items are shared on pick up except ammo, including consumables and gear, and coop players will keep these when they leave the game. So if one player picks up an item, it is added to all of the other players inventories as well. Coop players automatically have the same quest items as the host, but do not keep them when they leave the game. If you are going to play the entire campaign with one person hosting, this shouldn't matter.

[Argyle]

It is worth noting that there is a single side quest event which forces the players to fight each other. Only the winner of the fight gets the reward, and this is the only case where loot is not shared.

[Shizofrend98HR]

all items are shared except ammo (not in survival tho) and all progress like items, level-ups, gear, upgrades, etc...is carried over except progress in story. when u get back to your world you will be teleported where you left not where u got in someone elses world