Yes, that's technically possible, but I wouldn't advise it. It really complicates matters when you're dealing with multiple owners. You would have a completely separate reservation for each night. As far as I know, you'd need to go down to the front desk and check in each day. And the owners would each have to call MS to make sure the reservations were linked, or you might have to change rooms as well.
I think it's better to transfer the points to 1 person and have the person make reservation for both nights. That way you won't have to worry about checking in and out twice.
What if I would be moving rooms already? I am trying to do this
Oct 29 & 30 1bedroom OKW or AKL value
Oct 31 & Nov 1 studio OKW,
Nov 2 1bedroom OKW or AKL value
I want to keep the room cost under $1000. There are people trying to rent just a few points and would be able to do one or two nights.