Pour the milk into the instant pot insert. Close the lid, you do not need to shut the valve. Place the instant pot on the yogurt setting and then press the same button so it says “boil”. The instant pot will cycle on this setting until it beeps, about 30 minutes.
Temp the milk, it should be 180 degrees F. If it is not to this temperature, put the lid on again and place it back on the same setting. It won’t take as long this time, when the instant pot beeps again, check the temp.
Take the insert out of the instant pot and place it on the counter until it cools to 110 degrees F. This will take about 1 hour.
During this cool-down process, the milk will form a skin on top, take the skin off with a fork and discard.
Whisk in the Greek yogurt, sweetened condensed milk, and vanilla.
Place the insert back into the instant pot. Hit the yogurt button again, making sure it is on the yogurt setting and not boil this time. Adjust the time to 8 hours. Close the lid, you do not need to shut the valve. Let the instant pot sit and cycle for 8 hours.
Remove the lid, the yogurt should be ready and thick. A spoon should be able to stand on its own in the yogurt.
Give it a good whisk to make sure it is smooth. Cover with plastic wrap and let chill overnight or for 8 hours.
Ladle into jars or whatever dish you are going to use to keep your yogurt and enjoy.