My attitude about life is similar to jstalk's. But we all have to figure out what works best for ourselves.
I wouldn't rent it out. That turns you into a responsible company. I'd ask if he was willing to spring for a new set of tires. If not, buy your own trailer.
Loaning things always has risk, everything in life does. Including NOT loaning things. Some of my friends still get loaned tools from me, some don't. I had a friend with a need of my very heavy equipment trailer. He brought it back with a new inspection sticker for me. I no longer own it, sold it with the crawler. If I need a light trailer, he's got one available. Cooperation, so long as it goes both ways, is a great way to live. Ask the guy who leaves his Stihl 880 here for me to use. And knew that he didn't need to pay for an emergency plumbing repair when he dug in the wrong place.
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