Before you make anything, on the right hand side, change the processing path to be set By Layer

Make your design with text and vectors.

You may be able to use photos/images - but the result might not be as crisp.

We're going to use three Layers and a few copies of the design together to make it all happen in one engrave.
This can be pretty advanced and requires you to be familiar with how layers work, so if you're unsure, try the steps with a simple star shape in a box first.

Prep the design
First, group your design. Put it on the blue layer
Rename the blue layer to Score.
Then copy the design. Move the copy to the green layer and place it directly on top of the existing copy on the Score layer.
Rename the green layer to Engrave

Make a outline for the stamp
Draw a box around your design that gives 1-2mm of edge on each side (you can use the offset tool for this if you want!)
Put it on the Engrave layer

Copy the box again, and move it to the purple layer. Place it directly over the existing Engrave layer version of the box.
Rename the purple layer to Cut

Invert the design
Hide the Score and the Cut layers.
Select everything on the Engrave layer and use Combine → Subtract. Check that worked by changing the laser setting to Engrave. The design should now be white, and the material to remove should be green.
If it doesn't work, try again with Combine → Subtract at overlap
If it still doesn't work, you may have to move things around with Send to Front and Send to Back. This is how xTool Creative Space makes the subtract work.

Check everything looks good! Unhide the Score and Cut layers and look at your design. The design should be white, and the material to remove should be green. There should be a blue line between the white and green sections.

If you're lost, look at the attached project and show/hide the different layer parts to see how it all fits together.

Lastly: In the layer window, drag things so that they are arranged as Layer: Score then Engrave then Cut

This is super-important so it gets a step!

Reflect your design horizontally. As the stamp is a mirror image of the design - if you don't do this, it will not be right when you put ink to paper. So flip it and it'll work.

Set up the layers to use the settings above, all using the Blue laser.

Score uses the Laser Score settings. Engrave uses the Vector Laser Engrave settings. Cut uses the Laser Cut settings.

You can use the IR for the engraving, but it takes more passes (and more time) to remove the stamp material.

To get a deeper engrave, set the focus of the laser slightly lower, and increase the number of engrave passes

Line up your laserable rubber sheet (rough side up)
Set the laser going.

Keep watching the machine - there can be small flames, particularly for the cut layer.

Remove the stamp - I find you can rip it out fairly easily if it isn't quite cut all the way through. If not, use a craft knife or similar to make the final cuts.

Clean up - scrub under some water to remove any remaining smoky/charred parts then dry thoroughly

Stamp - use as is, or mount on a rigid laser-cut wood/acrylic backer or 3D printed handle to get cleaner results.

Happy Stamping!