Preheat the oven to 325° and prepare a 2-quart tube pan.
First caramelize the mold by following the Carmel directions. The melted sugar must cover all the surface of the mold. Use a wooden spoon to paint the caramel up the sides of the center tube. Let cool until the caramelized sugar hardens while you prepare the flan.
Place the milk in a saucepan with the sugar over very low heat to dissolve the sugar. Do not let the milk boil. Take the pan off the heat and let cool.
Whisk the eggs lightly and add the vanilla extract. When the milk has cooled, whisk it into the eggs. Pour into the caramelized mold.
Place the mold in a large, deep pan and fill the pan with water to reach halfway up the sides. Place in the preheated oven for 40 to 45 minutes. Test by inserting a toothpick or very thin knife into the center. The flan is done when the toothpick or knife, comes out clean. Do not overcook.
Let cool and place in the refrigerator for 24 hours.