Heat 1 tablespoon of the olive oil in a large Dutch oven over medium-high heat. Sprinkle meat with 1/2 teaspoon of the salt and place half of meat in pan; brown well and remove to a plate. Add another tablespoon of oil to pan and brown remaining meat; remove meat to plate.
Add remaining 1 tablespoon oil to pan and, when hot, add onions and garlic; cook until lightly browned, about 5 minutes. Return meat to pan; stir in chili powder and cook 1 minute.
Add 1 tablespoon of the TABASCO® Chipotle Sauce to 1 cup of the water and use to deglaze pan, scraping up any browned bits of meat. Add paprika, red pepper, 1/2 teaspoon of the salt, tomato sauce and the remaining 3 cups water. Bring to a boil, reduce heat, and simmer 2 hours.
Meanwhile, combine sour cream, remaining 1 tablespoon TABASCO® Chipotle Sauce, and remaining 1/4 teaspoon salt in a small bowl. Mix well and refrigerate until ready to serve with chili.
Makes 6 cups.