In a large saucepan, heat the olive oil over medium heat.

Add the chopped bell pepper and cook for about 2 minutes until slightly soft and fragrant.

In a mixing bowl, combine the ground beef and ground pork. Mix well using your hands.

Add the meat mixture to the saucepan. Cook over medium heat until browned. Break the meat into very small pieces while cooking. The smaller the pieces, the more authentic the gravy texture will be.

Pour in the water and beef broth. Stir well.

In a small bowl, mix the flour and cornstarch. Whisk it into the gravy mixture slowly to prevent lumps.

Add milk, vinegar, sugar, black pepper, garlic powder, dried parsley, chili powder, and salt. Stir well.

Bring the mixture to a boil. Then reduce the heat to low and simmer for 35–40 minutes. Stir occasionally until the gravy becomes thick and smooth.

Once thickened, remove from heat and serve warm over mashed potatoes, fried chicken, or biscuits.