your mates dad will know what a hone is... basically three grindstones on springs that you put in a drill, and they leave hashmarks/crisscrosses in the bore of your cylinder, that hold oil and let the rings bed in properly. theres ones for brake cylinders, tiny, bike cylinders, medium, and car cylinders...big. and really huge ones for ship engines....(and remember, this is assuming you dont have to get the cylinder bored out from being too worn, which might be possible)
um, if its a lifan 140, ip55fmj, it should be a 55.5mm piston...not too sure on that, but i believe thats what it is.(i only just got two, and havent stripped them yet) if you want to search the forums, right click the tab and open in new window...
then you can get the piston from ebay, etc...(easy and quick, usually listed by engine theyre for...DHZ is best) or go the whole hog and order one from akunar... akunar also has hi compression pistons available... worth putting one in really... but postage is the killer
...and youll need the piston out to measure it.(once again, other threads should help)
and learning is the way to go
then you can savour the thrill of all your mates wanting you to work on their bikes......
all this said and done, it might just be the head gasket...it might be a leaking valve stem seal... joys of engines...