Hi!
I want to inset this face and I want for the two vertical red lines to go all the way to the bottom and I know you can do that by checking Boundary (or hitting B while insetting). For me it's the same, even if boundary is set to off or on, it doesn't change anything. I've searched on the internet and I found that it only works with open edges, but I don't know what that means.
Is this something that can be done or I'm remembering wrong?
You would have to manually do that after you inset. Boundary is, for example, for when you have a mirror modifier and the part that meets the horizon of symmetry is like that open edge you've been seeing, because there is nothing after that. Kinda hard to explain.
Ok, maybe try this, delete the bottom face and then try inset again, if you hit B for boundary then it should work as you want it, because you have an open edge down below.
You going to need edges where the red lines are, and extrude inwards, and then in the last operation panel enable Dissolve Orthogonal Edges
You can use the knife tool to make the cuts, using Z to constrain the cuts in the Z direction
Or
You could model differently or slide the edge between the two faces down, selecting the edge and using GG and then remove doubles.