question about item lending? NOT GLITCH, HACK, ETC!!!!

so can you fight with the loanded item,
i've been ftp forever and i was wandering cause im gonna trade a few accounts for some mems.

also can u have more then one at a time?
if so could i get one of my friends to lend me his sgs &&& red mask? and use it for 24 hours, and then he can renew my lending time?

correct???