For the Guacamole: Cut each avocado in half, working around the pit. Twist apart and remove the pit with a knife. Peel off the skin and discard. Toss peeled avocado in a bowl. Add the lime juice to prevent from browning; mash the avocados. Add the onion, jalapeno pepper, tomato, cilantro, salt and pepper.
Place hot dogs on a preheated grill, about 4 inches from a medium flame. Cook for about 6 to 10 minutes or until cooked through.
When hot dogs are about one minute away from being done, open buns and place on the grill to warm them.
Place cooked hot dogs in buns and top with guacamole and top with chopped red onions.