Place strawberries in a blender or high speed mixer and puree until completely smooth. You should have about 1 cup of strawberry puree.
Place strawberry puree into a small saucepan and simmer for 15-20 minutes, or until puree has reduced by half.
Let strawberry sauce cool to room temperature before proceeding.
Combine 4 Tbsp butter and 4 Tbsp cream cheese in the bowl of an electric mixer. Cream until well mixed. Add 2 cups powdered sugar and mix until combined.
Add vanilla and strawberry sauce and mix well. Add 2 more cups of powdered sugar and mix until smooth.
Lastly, add milk and remaining 2 cups of powdered sugar and mix until smooth and to your desired consistency. (If frosting is too thick, add more whipping cream. If frosting is too thin, add more powdered sugar.)
Remove cooked cakes from pans to allow for quicker cooling once they have been out of the oven for at least 10 minutes.
To assemble cake, place a dollop of frosting on the plate you are placing it on. Put the first layer down. Spread about 1/3 of the frosting mixture over the first layer. Add 3-4 toothpicks to allow for greater stability. Place second cake layer on top of the first frosted layer. Completely frost the top and sides of the cake with the remaining frosting.
Refrigerate cake between servings. Enjoy!