For caramel:
Place the sugar and water in a pan and heat on med high until it bubbles and slowly turns amber in color, approximately 7-10 minutes. I like to take my caramel super dark, almost burnt (in fact, I always think I burn it, but it’s just right). I always pull it right at the last second right before it’s the darkness I want because the sugar will still continue to cook after you take it off the heat.
Immediately pour into cleaned and prepped molds.
While the sugar is cooling down, beat the egg yolks, condensed milk, whole milk, and vanilla together.
Pour through a fine sieve (or my grandma used cheesecloth) to ensure the custard will be silky smooth with no egg particulates.
Pour into molds and cover with foil. I like to cover each one individually.
Place the pan in the oven and THEN pour water into the pan, about 1/3 to 1/2 up the sides of the molds.
Bake at 375 for about an hour or until firm. I like to check on it after the hour mark and take the foil off.
Usually, I will bake for another 15 minutes or so, until the middle of the flans don’t jiggle so much.
Cool at room temperature for a few hours, then place in fridge for 4-5 hours before unmolding, giving the flans ample time to set. Trust me, it’s worth it.