For the Caramel
Preheat oven to 325F.
Add the sugar to a large pan then drizzle the water over it. Place over medium-high heat and Leave undisturbed for about 10 minutes or until the sugar takes on a golden color then immediately pour into your round baking pan. Tilt and turn the pan to spread the caramel out to the edge. set that aside.
For the Custard
Beat the room temperature cream cheese in a large bowl then add the eggs one at a time while mixing. Scrape the bowl down and beat until smooth.
then add the evaporated and condensed milk and the vanilla extract then mix to combine and pour into the pan with your caramel.
Place the pan in a large roasting dish and fill with an inch of hot water then place in your oven. Bake for about 50 minutes or until the center is just set. It will wobble slightly.
Allow to cool to room temperature before serving. Run a small knife around the edge of the pan then place a serving dish upside down on top and invert. Remove the pan and enjoy!
