You need to decide which kind of person your neighbor is...and what kind of person you are.
If you are the kind of person that values THINGS more than PEOPLE or FRIENDSHIPS.... then don’t loan or borrow anything. Buy or rent what you need and let others do the same.
I have a friend (a Pennsylvania transplant Polish descendant) that used to be my next-door neighbor back in the ‘80s. We both moved out to the country in the late 80’s... about 100 miles from each other. We used to loan/borrow from each other all the time.
I once borrowed a pickup truck and trailer from him and the trucks’ rear tire blew-out and damaged the wheel also. I went to the Tire store and replaced the tire and wheel before I returned the truck.
He once borrowed my pressure-washer and the recoil/pull-starter broke and he had the local small engine shop replace it before he returned it to me. (I was troubled by that because it had broken once on me as well, and it was still under warranty. But he and I are alike in that.... if we borrow something and it breaks... we have it properly repaired/replaced before returning it.)
We went fishing last year on his boat and the swivel-mechanism on the fishing chair I was using broke. He said, “No problem,...I’ll just weld it next week.” However, I saw that swivel part on-sale and bought it and shipped it to him. He emailed/scolded me in all caps “YOU DIDN”T BREAK THAT! IT WAS READY TO FAIL AT ANY TIME! I’m just glad you weren’t hurt!” LOLOL
I’d replace that entire boat before I’d let go of our almost 40-year friendship.
On the other hand, I had a ”best friend” (I thought... I’d stuck by him thru 2 divorces, and was pall bearer for his father, mother, and brother... all the family he had ...taught him to fly and helped him get the job at Delta from which he retired....)... having no other close family, it was I who sat by him when he was ill, or needy, etc etc.... we were close friends for 60+ years ... but he apparently harbored ill will toward me because in 2018 I had refused to illegally sign/witness a document he needed.
My wife and I subsequently went on a 3-month vacation tour of the northwest in our Airstream.
A month after our disagreement, He got sick, went into hospital, and called a distant, almost unknown cousin rather than me when he became worse. That cousin talked him into refusing treatment, going into hospice, and convinced him to leave his house, airplane, money, everything to her... rather than to call me to let me know he was in trouble. He told her to NOT notify me of his illness and death.
He didn’t have anything I wanted. If he’d left anything to me, I’d have donated it all to charity and wouldn’t want to have to clean out his place anyway.
But, .. It’s my very sad judgement that he did not place the value in friendships that I do.
So, ... I suggest that you consider the value of that friendship with whom you are considering co-ownership of property. Which is more important to you? The material value of those implements? Or the value of that friendship...? If that friend damages or destroys that implement... how will you feel if he doesn’t make amends? Can you let that love of property outweigh your relationship? Or does the friendship mean more to you than property...?? Are you willing to overlook transgressons involving property? Or will you miss that at all...
And finally, Is that friendship worth the risk of hurt feelings on implements which likely have relatively small value anyway?
. 
