Add all of the ingredients to the saucepan and cook on medium heat. DO NOT use a utensil to mix. If the sugar settles at the bottom, just swirl the pan. Cook until the caramel is medium brown in color. Once the caramel starts to turn brown, keep an eye on it! The caramel can burn easily. ****NEVER touch hot sugar
Pour the caramel into your baking dish. Swirl the caramel to make sure you coat the sides as well.
Pour the flan mixture into the dish. Then place the dish into the larger baking pan for a water bath, making sure not to get any water in the flan dish. Check notes
Place the oven dish in the oven on the middle rack and cook for about 40-50 minutes checking at the 35-minute mark. Gently use your finger to touch the flan surface. If it bounces back with a jiggle, it's ready! The flan will jiggle, we want this. Check notes.
Remove the flan from the water bath and place it on a heat resistant surface to cool down for about 15 minutes. Then place it in the refrigerator to set and cool completely, approximately 3 hours.
Remove the flan from the refrigerator and use a butter knife to gently go around the sides. Afterward, place the plate on top making sure the plate covers the flan dish fully.
Flip over and gently pull the flan dish away letting the caramel drip over completely. Check notes.
Serve cold...And DONE!!!