Pour buttermilk over chicken pieces in a large shallow dish; cover and refrigerate for one hour. Combine one cup flour, salt and pepper in a large plastic zipping bag. Drain chicken and add to bag, one piece at a time, shaking to coat. Place on wax paper; let stand for 15 minutes. Heat 1/4 inch oil in a large cast iron skillet over medium heat. Add chicken; cook until golden on all sides. Reduce heat to low; cover and simmer for 40 to 45 minutes, until juices run clear. Uncover; cook for an additional 5 minutes. Drain chicken on paper towels; keep warm. For gravy, pour off all except 1/4 cup drippings from skillet. Stir in remaining flour over low heat until well blended; gradually add milk. Slowly stir in water; bring to a boil over medium heat. Cook for 2 minutes until thickened, stirring constantly. Add salt and pepper to taste. Serve gravy with chicken.
Tip: For delicious, crispy golden fried chicken, be sure not to crowd the pan…use a large chicken fryer skillet or fry chicken in two batches.
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