Hey Dylan, I can totally see what you're wanting to do.
My wife and I adopted 5 kids after about a year, my fulling functioning recording studio sat idle more than it worked. I made a tough decision to turn it into an jam/ song writing room. I traded about $45K worth of gear, most of it outdated stuff, nothing vintage, and purchased smaller more versitile stuff. So from a dual Tascam DM 4000 32 channel digi boards to a Tascam 1884 controller/soundcard. 1 controller keyboard with plugins and Gigastudio instead 5 keybaords. I'm finding even though the room doesn't have a 1000 lights flashing nor that wow factor, I actually have more control over what I was doing (more so ITB) and the wife and I share the same space, so the kids have more space. As well because I only have $20K or so invested in my room now, I just have normal house insurance is cheeper, I find it easier to use, more productive as I don't have to repatch 100 things from someone else who just finished their session. As long as I have some toys to "make noise" with I'm happy. Even though my wife and I have to have a large house for all these guys, we miss our "row house" in downtown Toronto. 15' wide, 500 square feet per level. We could clean/renovate each level quickly, cheeply and with higher quality stuff. But ya where ever i live I will always have a space for some gear. I know some of the condo styled apartments limit what can be done inside the condo, if I could soundproof a condo that will be something I do after the kids go because doing house chores a lot of times gets in the way of what I want to do.