Can anyone tell me exactly what I need to do to transfer one of my lines over to a friend of mine to take over?
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the short answer is: Yes. a Transfer of Responsibility is easy, fast, and a great way to avoid a Early Cancellation Fee should you ever need to exit a contract for any reason since the person you find to assume the terms of service for an agreement or just month-to month pays for the next month's service as you would have.
Their place of residence wouldn't disqualify them. If they are in a different Local Calling Area, they can request a free phone number change at fido.ca or at a local Fido store.