Have liver cut in thin slices; wash, drain, dry and roll in flour.
Put bacon thinly sliced into very hot frying pan; turn until brown and transfer to hot platter.
Fry liver quickly in the hot bacon drippings, turning often. When done put on platter with bacon.
Pour off all but 1 or 2 tablespoons fat, add 1 to 2 tablespoons flour, and stir until brown.
Add hot water gradually to make smooth gravy, season and boil 1 minute.