In a medium sized sauce pot over medium heat, add the cut up slices of bacon and allow those to cook till crispy. Do not pour off the bacon grease.
Add the onion and garlic and allow to cook till fragrant and softening (about 3 minutes).
Pour in the drained can of collard greens, water, sugar, hot sauce and vinegar and stir well.
Stir frequently and continue to heat over medium heat until heated through.
When heated through, the greens are ready to serve, taste first and add salt and pepper until you are satisfied with the taste. If they taste bitter at all, add more salt. Add more hot sauce, per your tastes.