• Preheat oven to 325°F

Make the caramel syrup:

• Fill a tea kettle with water and bring to a boil, reduce to a simmer while preparing the syrup and custard.
• In a small saucepan over medium heat, mix the sugar and water together. Stir gently until the sugar has melted. Once the sugar has melted only stir occasionally to make sure there are not hot spots. Cook until it is light amber in color. 
• Carefully spoon 2-3 tablespoons of hot syrup into each of 6 individual small oven-proof dishes. An example would be pyrex custard dishes. I used the half-pint, wide mouth Mason jars.

Make the custard:

• In a medium size bowl, add the cream cheese and slowly, in increments, add the condensed milk, stirring to keep the mixture smooth. Add the evaporated milk, the egg yolks, sugar and vanilla then mix together. Pour the custard mixture through a fine mesh strainer that has been set over a large bowl and strain out any egg particles or lumps.
• Place the individual dishes into a 13 x 9 inch baking dish. Ladle the custard mixture into the prepared dishes. Set the pan with the custards in the oven and pour hot water into the pan so it comes half-way up the sides of the custards.
• Bake for 40 minutes, (check after 30 minutes and cover with a sheet of foil if custards begin to brown) until a knife inserted into the center of one custard comes clean. Do not over cook. Remove from the oven and allow to cool in the hot water, then remove from the water and refrigerate to cool completely. 
• Allow the flan to sit in the refrigerator for at least 6 hours which will give time for the caramel sauce to liquify into the custard. 
• To serve, insert a knife between the custard and the dish to loosen the custard. Carefully invert the dish onto serving plates and garnish if desired.
• These custards will keep for 3 to 5 days refrigerated.