The captain and first officer will switch between the PF and Pilot Monitoring (PM) roles. Regardless of who is actually flying the airplane, the captain is always the PIC.
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You need not have a current medical, nor flight review; you don't even need the proper endorsements if they're required to log PIC time. Please recognize that in order for this to take place there must be an acting PIC on board the aircraft responsible for the safety and operation of the flight.
Cross-country time is defined in§ 61.1 (b )(3)(ii) as time acquired during a flight that is conducted in an appropriate aircraft; that includes a point of landing that was at least a straight-line distance of more than 50 nautical miles from the original point of departure; and that involves the use of dead reckoning ...
Under§ 61.58(a), no person may act as PIC of an aircraft that is type ce1tificated for more than one required flight crewmember or is turbojet-powered unless (1) within the preceding 12 calendar months, the pilot has completed a proficiency check in an aircraft that is type certificated for more than one required pilot ...