The person that has all the gears(player1) simply stands there and lets the other person(player2) punch him in the face until the player1 goes unconscious. Player2 simply waits at the "press TAB(or loot menu)" while player1 is unconscious and waits till the player1 becomes conscious and then logs out and as hes logging out the player2 drags everything out of the menu, than waits till player1 is completely logged out, player2 than waits for player1 to log back in (player1 has not lost anything), and once player1 logs in the player2 simply picks everything up.