Place 1 1/4 pounds shredded baking potatoes in a kitchen towel and squeeze to remove any moisture. Transfer to a bowl and stir in 1 grated onion, 1 tablespoon extra-virgin olive oil, 3/4 teaspoon salt and 1/4 teaspoon pepper. In a large nonstick skillet, heat 2 tablespoons extra-virgin olive oil over medium heat.
Divide the potato mixture into 4 mounds in the skillet and pat into 4-inch pancakes. Cover with a sheet of foil and cook, turning once and adding 1 more tablespoon extra-virgin olive oil, until browned, about 15 minutes. Transfer to a platter.
In the same skillet, cook 4 eggs sunny-side up with 1 tablespoon extra-virgin olive oil for about 1 minute.
Mash the flesh from 2 avocados and season with salt.
Top each pancake with some avocado, an egg, and chipotle hot sauce.