1. First, let's prepare the caramel: In a pan, combine the sugar, water, and lemon juice. Bring to a boil for 2-3 minutes, then stir with a wooden spoon for another 1-2 minutes until the mixture caramelizes. Be careful not to let it burn too much, or it will become bitter.
2. Pour the caramel into a large round bundt pan (with a hole in the middle). Carefully tilt the pan to ensure the caramel coats the bottom and slightly up the sides. Preheat the oven to 160°C.
3. In a small saucepan, combine the water and sweetened condensed milk. Stir until the milk is fully dissolved. Place it over heat and stir continuously until it comes to a boil (but don't let it scorch).
4. In the bowl of a stand mixer, add the eggs and vanilla extract. Whisk with the whisk attachment on medium-high speed until the eggs are fluffy, about 5 minutes. Be careful not to create too much foam, as it will burn during baking. Gradually pour in the warm milk mixture, stirring constantly. Pour the mixture into the prepared pan.
5. Place the bundt pan into a larger baking dish. Fill the baking dish with lukewarm water, reaching halfway up the sides of the bundt pan. Add a few drops of lemon juice to the bain-marie water. The citric acid in the lemon 'softens' the water and prevents reactions between the metal and water salts, thus avoiding the white lines often seen on cookware. Carefully place the bundt pan into the baking dish and bake in the preheated oven for 1 hour and 20 minutes. Remove the crème caramel from the baking dish and let it cool on your counter. Refrigerate for 6-8 hours to chill thoroughly. Before serving, gently run a knife around the edges of the custard and invert it onto a serving platter. Drizzle with any remaining caramel from the pan and serve.
