1. Start with the caramel: In a pan, combine the sugar, water, and lemon juice. Let it boil for 2–3 minutes, then stir gently with a wooden spoon for another 1–2 minutes until the mixture turns into a light golden caramel. Be careful not to overcook it, or it will become bitter.

2. Pour the caramel into a large round bundt-style pan. Tilt the pan gently to coat the bottom and part of the sides with the caramel.

3. Preheat the oven to 160°C. In a small saucepan, mix the water with the condensed milk. Stir until smooth, then place over medium heat and stir constantly until it reaches a simmer (do not boil).

4. In the bowl of a stand mixer, beat the eggs and vanilla on medium-high speed using the whisk attachment until fluffy, about 5 minutes. Avoid creating too much foam, or it may burn while baking. Slowly pour the warm milk mixture into the eggs while whisking. Once combined, pour the custard mixture into the prepared caramel-
coated pan.

5. Place the pan inside a larger baking dish and fill the outer dish with lukewarm water until it reaches halfway up the sides of the custard pan. Add a few drops of lemon juice to the bain-marie water to soften it and prevent mineral lines forming on the cookware. Carefully transfer to the oven and bake for 1 hour and 20 minutes.
Remove from the bain-marie and let it cool on the counter. Refrigerate for 6–8 hours until set. Before serving, gently loosen the edges and invert onto a serving plate. Drizzle with the remaining caramel from the pan and serve.