Preheat your oven to 350°F (175°C).
In a large mixing bowl, combine the very soft unsalted butter and the full-fat cream cheese. Beat them together on medium speed until light and fluffy, about 2-3 minutes.
Add in the large egg and 2 teaspoons of vanilla extract. Beat until fully incorporated.
Gradually add the sifted red velvet cake mix to the wet ingredients. Mix on low speed until just combined.
Using a spatula, gently fold in the semi-sweet chocolate chips until evenly distributed.
Drop generous tablespoons of dough onto the prepared baking sheet, spacing them about 2 inches apart.
Bake for 10-12 minutes, or until the edges are set but the centers are still soft.
Allow the cookies to cool on the baking sheet for about 5 minutes before transferring to a wire rack.