Place cut-up chicken in a large bowl, and cover with buttermilk.
Cover and chill for 2 hours or overnight.
In a large bowl, add eggs, water, and red pepper sauce. Whisk until combined.
In a large gallon freezer bag, mix flour, pepper, paprika and cayenne.
Remove chicken from buttermilk and sprinkle lightly with salt, papper and garlic powder.
Place all chicken pieces in freezer bag with flour mixture. Shake until all pieces are evenly coated.
Remove chicken pieces one at a time, shaking excess flour. Dip each piece in the egg mixture and return to bag of flour. After all pieces have been dipped in the egg mixture and put back in the bag, give it a second shake to coat chicken pieces again.
Heat oil in deep fryer or deep pan to 350 degrees. Working in batches, drop each piece of chicken into the hot oil. Fry for 15-18 minutes or until golden brown, turning occasionally if oil does not completely cover chicken. Keep in mind that dark meat takes longer to cook than white meat. Watch your wing segments as well; these will finish cooking first.