If I buy a shared game, will it stop being shared?

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A friend of mine is sharing a game with me on Steam, which I will happen to be buying for myself later on. But, when I buy/activate the game on my library, will it be replaced with the shared one or will it keep telling me that the game is being shared?
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Will I keep my game progress if I buy a game currently shared through family sharing?
You'll keep all of your stats, achievements, inventory items etc if you buy the game for yourself, since they're independent to your Steam ID, as well as being stored onto your PC (or Steam Cloud), rather than the person who owned the game originally.What happens if you buy a shared game on Steam?
Family Sharing allows family members to share games while keeping their accounts separate. Family and guests can play one another's games while earning their own Steam achievements and saving their own game progress to the Steam Cloud. It works by granting family members access to games on a shared computer.Why does family sharing Say purchase?
Steam Family Sharing only allows you to play the game if the account the game is actually purchased under isn't active. It counts as active if anyone is playing any game in it.Can you family share with a game ban?
Cheaters that are getting banned are reporting on reddit that they are immediately able to play the game after being banned by simply using family share.DO NOT GAME SHARE!
Sources: Stack Exchange - This article follows the attribution requirements of Stack Exchange and is licensed under CC BY-SA 3.0.
Images: Sora Shimazaki, Sora Shimazaki, Gustavo Fring, Gustavo Fring