350°F for the oven. For a water bath, put a pot of water on to boil. Place a large 12-cup Bundt or tube pan inside a bigger baking dish like a roasting pan after greasing it. Place aside.
Melt sugar in a small saucepan over low heat until it is all dissolved. Keep an eye on it to prevent burning. To stir, you can move the pan around. When it turns amber or dark golden in color, turn off the heat.
Before it hardens, rapidly pour the melted sugar into the bottom of the cake pan. Place aside.
Blend the cream cheese, evaporated milk, sweetened condensed milk, eggs, and vanilla until smooth. Pour over the caramel sauce in the pan.
Cake mix should be prepared in a sizable basin with a mixer following the directions on the container. Pour carefully over flan until 3/4 of the way full (extra batter can be used for cupcakes). DO NOT combine the cake batter and the flan.
Fill a large baking dish with hot water until it reaches halfway up the sides of the Bundt pan. After one hour, check for doneness and bake for another 60 to 75 minutes. A toothpick put close to the center ought to come out unharmed.
Take cake out of water bath, then let it cool on a wire rack. Before unmolding, chill for at least one night for optimal results. After placing a serving plate on top of the cake, turn them both upside down. Cake pan removed, serve. Keep leftovers in the fridge.