Vegas Pro 15 (build 216) I used this ALL the time in 14, it has gone AWOL. I contacted the staff (created a ticket) previously. I responded to the ticket when it asked for addition detail with this video (on my One Drive): It shows two things... a scroll down the FX, and then a "search" for the FX by typing "outline" -- https://1drv.ms/v/s!AspiSlxITwzigbVa9vFmM7nswHxNgQ
I still have not seen this tool I use ALL THE TIME, in Pro-15. Any help would be awesome
I guess it's a 3rd party plug-in.
I don't see that one in !4 and 15, but worse: I don't know that FX.
Are you abble to point out that one for me in Vegas Pro 14?
It was in the same spot. I am following instructions from support (both in a phone call and through email) of where it is. They see it, I do not. WHAT IT DOES. Her is an example (see at the 4-minute mark): 
You can add a border -- solid if you wish, or fade it and make it larger/smaller to varying degrees. It is just a way to separate the insert. I also use Vegas' plug-in, "Border" (or both).
I don't see at the 4 m. mark a kind of outline or border. Wat I see there is a PIP ( picture-in-picture). IIN Vegas very easy to make with the video on a higher track together wit trackmotion. If you want a border around it, that Border FX must be the latest in the FX chain.
If I used both, I would put a small border (Vegas FX) around the entire video. Render it. Then I would add that video and shrink it to be "pic-n-pic," and sometimes I would use "Outline" to border it, but I would make it opacity and spread it out so it would look "smoked." Here is an example of a picture I used "Outline" on
see the 1:19 mark: 
I wish I could find a video of mine where I used both... but I have almost 1,200 audio or video uploads. Here is an example of the "Vegas Border," I rendered the video, then shrink it down for the pic-n-pic affect:
(see 3:35 mark)
I don't see that one in !4 and 15, but worse: I don't know that FX.
Are you abble to point out that one for me in Vegas Pro 14?
UPDATE: Here is the email I got --
Hello
Thank you for your message.
In VEGAS 15, the outline effect is located in Video FX > OFX > Outline.
--
Best regards,
*****
MAGIX Software GmbH
Postfach 200914
01194 Dresden - Germany
You may not see it. But on the phone I was told where to look for it -- because thew technical support said they saw it. It was in the same spot in 14... but is not in my version of 15 (but the technical support could see it). Not only that, but I have used it hundreds and hundreds of times. I know it was there and is suppose to be there. Which is why I filmed it not being where the phone guy from Magix said he could see it.
Thank you Nick Hope -- Rule #9 -- Got It
I use track motion for PIP, there is no FX needed.
Maybe you are looking for this:
I use track motion for PIP, there is no FX needed.
Maybe you are looking for this:
I am working on some audio and will insert a quote from Bill Maher and try this.
I use track motion for PIP, there is no FX needed.
Maybe you are looking for this:
I am not savy in this stuff... but I used your picture and text to get me to this video 
-- all be damned, I simply drag the "pan/crop" to place it PRIOR to the "border" effect!!! I never knew this in the many years of using Vegas that I could do this. Yes, I use this program minimally in regard to its capabilities... in other words, I am not a pro, even though I purchased Pro. I can now play with this and feather it. Thank you.
I WILL MARK THIS AS "SOLVED" -- but MAGIX is telling me I should be seeing this FX ("Outline") when I am not. So it is still unresolved technically. But I can make it work.