Combine strawberries and water in a large pot; crush lightly with a potato masher to start to release juice. Bring to a boil over high heat, crushing and stirring often. Reduce heat and boil gently, crushing and stirring often, for 5-10 minutes or until strawberries are very soft and juicy. Stir in basil and boil for 1 minute. Remove from heat and let steep for 20 minutes to infuse basil flavor.

Moisten 1 or 2 pieces of double thickness cheesecloth and wring out until damp. Place in bowl large enough to transfer strawberry mixture.  You may do one large or 2 smaller batches.  I found the 2 smaller were easier to manage.

Gather edges of cloth and tie securely with kitchen string with a long tail so you can then hang from a cupboard handle.  Let drip, without squeezing bag, for about 2 hours or until juice measures 4 cups.  Any extra juice can be refrigerated and used for cocktails or spritzers.

Boil balsamic vinegar in a small saucepan over medium-high heat for about 5 minutes until reduced to 1/4 cup. Let cool.

Combine 4 c. rendered strawberry juice and reduced vinegar in a clean large pot; stir in pectin. Bring to a boil over high heat, stirring often. Gradually stir in sugar. Return to a full rolling boil, stirring often. Boil vigorously, stirring constantly, for 1 minute. Let stand, stirring often and skimming off foam, for 5 minutes.

Pour jelly into glass jars leaving 1/4 inch at the top.  Let cool before putting lid on.   Store in freezer if not using right away.