In a third bowl, pour the buttermilk, oil, vinegar, vanilla extract, and red gel food coloring, and whisk together briefly.

Pour the buttermilk mixture into the creamed butter and eggs, along with half of the dry ingredients.

Blend together with an electric mixer on low. When just combined, add in the rest of the dry ingredients. Continue mixing on low until all the ingredients are well combined.

Pour the batter into the cake pans about halfway full, using a digital kitchen scale to make sure amounts are equal.

Bake in the preheated oven for 20-25 minutes, or until a toothpick put in the center comes out clean.

Let the cakes cool in the pans for 10 minutes, then remove from the pans onto a cooling rack. Leave the cakes to rest until completely cool.

While the cakes are cooling, in a large bowl cream together the softened butter and cream cheese with an electric mixer.

Gradually add the powdered sugar until it is all combined and mixed smooth.

Add 2 tablespoons of heavy whipping cream and the vanilla extract, and blend until smooth. If the frosting is still thick, add the last tablespoon of heavy whipping cream. Put the cream cheese frosting in a piping bag with a large round piping tip.

On a large plate, cake stand or platter, pipe a dollop of frosting in the middle. This will keep the bottom layer of the cake from sliding around.

Place one layer of the cake on the plate. Pipe the cream cheese frosting on top in a circle, continuing into the middle until the entire top surface is covered in frosting. Spread out the frosting with a spatula, then repeat with the second and third layers.

Using a spatula or a knife, spread a thin layer of frosting on the sides. Refrigerate the cake for 10 to 20 minutes.

Spread on the rest of the frosting on to the sides of the cake.

Decorate with red velvet crumbs, extra cream cheese frosting, or sprinkles. Serve and enjoy!