Make the guacamole in a small mixing bowl. Slice an avocado in half the long way and gently squeeze the halves as you pull them apart. Scoop out the pit and discard it. Scoop out the avocado flesh into the mixing bowl. Repeat with the second avocado.
Mash the avocados with the back of a fork.
Peel the red onion and finely chop up about ¼ of it, until you have ¼ cup. Transfer the chopped onions to your mixing bowl and add the hot sauce. Cut a lime in half and squeeze the juice into the bowl. Add the salt and pepper. Mix everything with a fork.
Serve immediately or cover it with plastic and chill it in the refrigerator to use later the same day. Serve the guacamole with tortilla chips, on toast, or next to tacos, enchiladas or shrimp. You also could stir some into salad as a dressing with salsa.
To store leftover guacamole, smooth out the surface of the dip with the back of a spoon and pour just enough lime juice, lemon juice or water over the top to cover it. Cover the bowl of guacamole with plastic wrap and press down so it touches the surface of the dip. Refrigerate it for 1-2 days, and pour off the liquid before eating the guacamole.
Use avocados that have a little “give” to them. If you can only find very firm avocados, place them in a brown bag on the counter for a couple days to ripen.