in a game I'm working on, I have essentially a light that is fading in really fast then fading out slowly. To get it to stay, I assigned it's position to always be on another object, and when it fades out all the way, spawn a new object right where it was. Works like a charm.
well i have a light exactly like that and all it does is fade out slowly using set opactiy-1 till it reaches 0 and fades in quickly using opacity+10 till it gets to 100 both activated by a value if 1 fade out if 2 fade in, it looks perfect.