1.How much HP does it have? 2.Does its HP change with each Pokemon that has it?(non baton passed) 3.Does its HP change with each Pokemon that has it?(baton passed)
http://bulbapedia.bulbagarden.net/wiki/Substitute_(move)
1)It takes 1/4 of your Hp 2)No 3)No ,unless your Pokemon have Regenerator it can heal 1/3 of its HP
Source:Substitute