Southwest Rapid Rewards - Booking ATA flights using RR credit from a friend

My friend has offered to give me his RR credit & I am thinking of using them on ATA-operated flights. I have a few questions:

- Can I book two different one-way tickets (i.e. two different DCA-MDW O/W flights operated by ATA) or must the award be used only for R/T travel on ATA? (or, for that matter, because it is from a friend)
- In the event that I need to cancel the reservation, will the credit be re-deposited in his account? How long will that take? Is there any penalty for doing so? Also, what if I need to change the reservation (i.e. date/time) after it has been booked?

I've read the wiki & associated pages but just want to ensure that everything works as I think it does given that this RR is coming 1) from my friend's account, and 2) would be used on ATA-operated flights.

Thanks in advance for your help!

- Can I book two different one-way tickets (i.e. two different DCA-MDW O/W flights operated by ATA)

Yes.

- In the event that I need to cancel the reservation, will the credit be re-deposited in his account? How long will that take? Is there any penalty for doing so? Also, what if I need to change the reservation (i.e. date/time) after it has been booked?

Yes. Nearly immediately. No. As long as there is an available award seat on your desired flight, you will be able to change with no hassle or charge.