New to vb.net and need a little help.

[TLord]

Do I like to fail people?

This is my suggestion for a fade-out timer (I used the same algorithm as the fade-in timer...):

If Me.Opacity > 0 then
  Me.Opacity -= 0.01
Else
  FadeOutTimer.Enabled = False
End If

Let's just get one point clear: here you're dealing with time-dependent values, this makes using absolute values useless, you should use the range limitation ways (<, >, <= or >=).