You can use a asynchronous function to accomplish this. Just create a keyword function async in front. Ex:
(async () => {
  /* Code here */
})();
This will allow you to use the operator await to pause the function for a while. Ex:
await espera_x_segundos();
Now you can create a function espera_x_segundos with a setTimeout. The await  will wait that time to run out and then proceed with the code.
For animation you use the @keyframes of the CSS. Ex:
#local {
  animation-duration: 2s;
  animation-name: fadeout;
}
@keyframes fadein {
    from {opacity: 0}
    to {opacity: 1}
}
With this you can make an effect of fadein or fadeout easily.
The following complete example:
let telas = document.querySelectorAll(".tela");
const local = document.querySelector("#local");
(async () => {
  for (let tela of telas) {
    local.innerHTML = tela.outerHTML;
    local.classList.add("active")
    await wait(2000)
    local.classList.remove("active")
    await wait(2000)
  }
})();
function wait(ms) {
    return new Promise(resolve => setTimeout(resolve, ms));
}
#local {
  animation-duration: 2s;
  animation-name: fadeout;
}
#local.active {
  animation-duration: 2s;
  animation-name: fadein;
}
@keyframes fadein {
  from {opacity: 0}
  to {opacity: 1}
}
@keyframes fadeout {
  from {opacity: 1}
  to {opacity: 0}
}
<div id="tela1" class="tela">Tela 1</div>
<div id="tela2" class="tela">Tela 2</div>
<div id="tela3" class="tela">Tela 3</div>
<hr />
<div id="local">Olá Brazil</div>
 
 
Alternative with jQuery
let telas = document.querySelectorAll(".tela");
(async () => {
  for (let tela of telas) {
    $("#local").empty().html( tela.outerHTML )
      .fadeIn(1000)    // Duração do efeito FadeIn
      .delay(3000)     // Delay antes da próxima execução
      .fadeOut(1000);  // Duração do efeito FadeOut
      
    await wait(5000);  // Soma dos valores acima
  }
})();
function wait(ms) {
    return new Promise(resolve => setTimeout(resolve, ms));
}
#local {
  display: none
}
<script src="https://ajax.googleapis.com/ajax/libs/jquery/2.1.1/jquery.min.js"></script>
<div id="tela1" class="tela">Tela 1</div>
<div id="tela2" class="tela">Tela 2</div>
<div id="tela3" class="tela">Tela 3</div>
<hr />
<div id="local"></div>
 
 
							
							
						 
Thank you very much, Valdeir.
– robertomoreno