Preheat oven to 325ºF. Grease and flour two 9x2” round cake pans and line with parchment circles.
Add butter, cream cheese, oil, sugar and lemon zest to bowl of standing mixer fitted with the paddle attachment. Beat on medium-high speed until very light and fluffy, about 4 minutes. Pause a couple of times to scrape down mixing bowl.
Beat in eggs and vanilla extract.
Add the buttermilk and beat on low speed to just combine.
In a separate bowl, whisk together flour, baking soda, baking powder and salt. With mixer speed on low, beat in half the flour mixture until just combined.
Add remaining flour mixture and continue beating on low only until flour is incorporated, pausing once to scrape down mixer bowl and paddle. Watch closely and do not overmix (this keeps the cake soft).
Spoon the cake batter evenly into prepared pans. I find it easily done with an ice cream scoop. Smooth out the top of the batter and place in the centre of preheated oven.
Cover cake with foil after 40-50 mins when it starts to darken and continue baking until it reaches 190ºF, about 60-75 min total.
Let the cake cool in pan for 5 minutes, then run a knife around the edges, place a wire rack on top, and use oven mitts to flip the whole thing over. If it doesn’t release easily, place a hot towel on top to steam the bottom out. Let cake cool completely.