1. In a 12-inch nonstick skillet, heat oil over medium heat. Cook and stir peppers and onion 3–4 minutes or until beginning to soften. Stir in franks. Cook and stir 3–4 minutes longer or until the franks are hot. Stir in water and seasoning mix. Cook and stir 2 minutes longer or until seasoning is mixed in and sauce thickens slightly.
2. Divide franks and pepper mixture evenly among tortillas. Top with salsa, sour cream, cheese, guacamole and cilantro.