When it comes to the actual purchase, you might be able to {gradually} purchase shares of the business (depending on how it is set up and the appetite of the owners) rather than an all out purchase.  

Other significant players include IHG (10.5%), G6 (4.9%), and Choice (4.8%).Total room inventory has been relatively stable, with slight fluctuations:- January 2024: 103,379 rooms- February 2024: 107,068 rooms- March 2024: 103,353 roomsEmployment trends show gradual improvement:- 2024 projected employment growth: 0.9%- 2025 projected employment growth: 0.5%While population growth is expected to remain flat, household income is forecast to grow by 4.4% in 2024 and 3.5% in 2025, potentially supporting increased travel and hotel demand.Market OutlookThe Los Angeles hospitality market is poised for continued growth and stability:1.

Doesn’t allow for much of a gradual transition. 

Once that is paid off, I say gradually pay off the rest but invest more into your business.

Population growth is expected to be flat over the next few years, potentially constraining household formation and storage demand.Market OutlookThe Los Angeles self-storage market is projected to improve gradually over the next few years:- Vacancy rates are forecast to decline from 11.6% in 2023 to 10.5% by the end of 2024 and further to 9.4% in 2025.- Asking rents are expected to grow by 1.0% in 2025 and 1.2% in 2026, a turnaround from the slight decline projected for 2024.- New supply is expected to moderate, with inventory growth slowing from 5.4% in 2024 to just 0.5% in 2025.While the market faces near-term headwinds from slow economic and population growth, the moderation in new supply and gradual absorption of existing inventory should support improved market fundamentals over the next 2-3 years.

Transitioning to a post-scarcity economy may involve shifts towards collaborative consumption, resource sharing, and sustainable practices.In short, while post-scarcity is an intriguing concept, its realization is likely to be gradual and contingent upon a complex interplay of technological, economic, and social factors."

We're considering selling the property due to challenges of long-distance management.We're still interested on investing out of state and plan to gradually scale our investments over the next few years, focusing on areas close to Illinois, like Wisconsin or Indiana.Any suggestions on how to approach selling our multifamily property and buying in Wisconsin or Indiana in the current market would be greatly appreciated.

As storage units turn over, re-rent them as offices gradually, if it makes sense.

Alternatively, would it be better to continue purchasing new homes with each move (approximately every 3 years) to gradually build my portfolio?

You move to other venues gradually (mail outs are effective, but take much longer to get your return).