So your options are just that of any other property-- hold forever and keep collecting the cash flow, hold for a while before big CapEx things start going wrong then sell, sell if you see big appreciation, sell if you just want to because you want to...whatever you want to do.But it sounds like more of your question is about the money aspect of it.

My investment plan is to buy the right properties and hold them forever.

What's my best option for floors that will last forever.

I have a nice pension that I will collect every month forever.

Rents have, fortunately, gone up enough here to at least cover the increases, and we've had a nice run up in appreciation, but neither can go on forever.  

If you try to time the real estate market you will be sitting on the sidelines forever. 

This business is forever evolving for investors.  

If you want to make it in real estate, become financially independent, escape the crappy rat race, you know that will give way to automation, outsourcing, you know the static existence universities, colleges, and politicians have conditioned us to believe will continue to exist forever?

In the afternoon.You don't have to be a cheapskate forever, just long enough to put together EM, reserves and obtain some assets.

I suggest you read a book written for those investing in California titled “Buy and Hold Forever” by David Schumacher.