Overdrive book renewal question

Hello,

I have a checkout that I'm not going to have time to finish, so I clicked the Renew link. Now my checkout list tells me it expires in 3 days, and the book also appears in my Holds list saying I'm next in line. Do I remain next in line if someone else places a hold on it? If not, can I return the book now and immediately check out again?

Thanks,
CC