In a large bowl stir together Tater Tumbler mix, mashed potatoes, muffin mix, bacon, cheddar cheese, egg and water. Mix until no lumps remain, adding more water if needed to form a batter-like consistency.
Pour into takoyaki molds with a drizzle of oil and cook for 3 minutes on each side, or until golden and cooked completely in the center.
Place on paper towels to catch excess oil and serve drizzled with sour cream, fresh chives and grated cheese.