The “Simple Text” effect allows you both to fade-in and fade-out text. You can enter only 1 line of text with each effect you place, though, so if you have a block of text you want to fade-in and fade-out, you need to place multiple text effects in your sim and manually coordinate their fade-in/fade-out times.
To accomplish what you want, suppose you have a single line of text. Choose the “Simple Text” from the Utility group when you add an effect. Once you select that text (the default message is “Change This Text”), you can click on the pencil button and then change the text by clicking “Text”, then entering the text you want to display. You can also change the text color by choosing “Text Color”.
To do the fade-in, select the “Delay Timing >” then “Fade-in When”. Here you’ll set the number of seconds when you want the text to appear. By default, it is 0 (means appear immediately). If you want to choose a number greater than the max slider value, enter the number in the text box that appears. If you want the text to gradually fade-in, not show up at once, select the “Fade-in Duration” after you have set the “Fade-in When”. The Fade-In Duration means how long it takes once the text is supposed to first appear before it gets to full opacity. For example, if Fade-in When is set to 2 seconds, and Fade-in Duration is set to 1 second, the text will start to appear at 2 seconds (but semi-transparent), then fade-in gradually until 3 seconds when it becomes fully opaque.
To make the text fade out, select the item “(+) Fade-Out”. It will look like it didn’t do anything, but if you go back into the pencil menu to Delay Timing, the menu will now have “Fade-out When” and “Fade-out Duration”, just like the Fade-in properties. You set the number of seconds when the text should begin fading out (Fade-out When) and then how long it should take to fully disappear after than in the Fade-Out Duration property.