Way to make object fade in and our based on player proximity?

Hey! So I've been working with fades for my game. I want to make it so that when a player approaches a textbox sprite it fades in and then when they leave the textbox it fades out.

I've tried a lot of different methods. Right now I have two separate fades on my player object- one for the fade in, one for the fade out. I have an event so that when the player object is overlapping the sprite it fades in. The fade out is what's tricky.

So I tried using the second fade behavior that made the sprite fade out when it wasn't overlapping, but then the issue is that the object won't fade in properly from the start. Since putting an condition for "is not overlapping" makes it play from the start of the game.

I looked for a second behavior for a condition for an object that had "collided" with another object, but I can only find events that trigger when it's being collided in a given moment. Any ideas on fixes??

The confusing bit is the design, if it fades in when you approach and fades out when moving away then why do you want it to fade in and appear at the start of the game? Unless the player begins by overlapping it then it should fade in anyway based on the events.