Preheat your oven to 350 degrees.
In a medium size non-stick sauce pan, heat the sugar and water over medium heat, stirring until sugar is dissolved, letting sugar brown and stirring occasionally until mixture is a bronzy color.
Have a 10 inch pie plate or cake pan hot by running the bottom under hot water. With a paper towel and the butter, grease bottom of pan. Immediately pour sugar mixture over bottom of dish, swirling it around for even coverage. This requires working fast because it hardens very quickly!
Place the pan onto a cookie sheet or larger pan with high sides.
In a large bowl with a mixer, combine sweetened condensed milk, heavy cream, milk, eggs and vanilla extract and blend for about a minute.
Pour the mixture over the caramelized sugar and pour about an inch of HOT water into the outer pan around the flan.
Bake in preheated oven for approximately 80 minutes. It may still be a little jiggly in the middle but after refrigerating for a least 8 hours or preferably overnight, it will set up.
Turn over onto large plate having the syrup run down the sides and enjoy!