A possible "Family-sharing" situation.

Let's suppose the situation is like this. My friend wants to play my shared library, obviously he has to be online. Now what I'm asking is.

* Do I have to be online too to let him play my games? If no, then what prevents me from playing my library in off-line mode?

* Can I play his shared library while he plays mine?

* Can my friend play game 1 (from my library) while I play game 2 (from my library). I suppose that's not the case as of the FAQ.

Can a friend and I share a library and both play at the same time?

No, a shared library may only be accessed by one user at a time.

• What is intended by library? Is it my whole catalog of games (those that can be shared that is) or I can create custom libraries?

Also is this a possible scenario?

I can share my library with a friend of mine and he can share his with me.

1) We both must be online so: I can play his games and he can play mines.

2) When I’m offline he can still play my games and eventually I can play my games too while I’m in offline mode.

3) I can’t play game 1 (or any other game for that matter from my shared library) while my friend plays game 2 (from my library), while both being online.

Thank you guys!

Sorry if it's already answered but it's a mess to search specific words in this thread.