Heat a soup pot over medium-high heat.

Add bacon pieces to a soup pot over medium heat and cook bacon until crisp and fat is rendered.

Remove the bacon from the pot and set it aside.

Pour off most of the grease, but do not clean the pot (3 tablespoons of bacon grease, should remain, otherwise use 3 tablespoons of butter ).

Add onion and thyme and sauté until onion is soft, about 7 minutes.

Sprinkle the flour on top of the onion, and stir until combined.

Saute for an additional minute to cook the flour, stirring occasionally.

Stir in the chicken broth until combined.

Add potatoes, milk and cooked bacon bits, bring to a boil.

Reduce heat to low; simmer until potatoes are tender, 12 to 15 minutes.

Stirring occasionally every few minutes so that the bottom does not burn.

When the potatoes are soft, stir in the cheddar cheese and sour cream.

Season with salt and pepper.

Serve warm, garnished with desired toppings(crisp bacon pieces,cheddar cheese or green onion).