Well, this question was heavily discussed in the past.
The first option is out of question because author is against involving such micromanagement (give book to John, wait 2 days, get book from John, give John another book, give previous book to Paul, etc.).
Second option is close to the first, because books are usually cheap especially at the start.
The third option will block ability to give someone the book, that you are not planning to read.
The fourth is OK for me, but it's aura-dev's choice.