Begin by heating a soup pot or dutch oven over medium high heat. 

Next, add the bacon fat and diced onion, saute onions until they begin to soften, about 5 minutes.

Next, add the chicken stock, water and potatoes.

Season with salt, pepper & dried thyme.

Bring to a boil and cook for 20 minutes.

Prepare a slurry to thicken the soup. In a measuring cup, add 1/2 cup of cold water. Next, add 2 tablespoons of cornstarch and mix well. Next, add the thickening slurry to the soup mixture and stir to combine.

Next, add the butter and heavy cream.

Turn heat down to medium low and simmer for 15 minutes, stirring occasionally.

Serve hot. Garnish with shredded cheese and crumbled bacon bits if desired.