Soak chicken in buttermilk and hot sauce for 20 minutes.
In a bowl, mix flour, oregano, paprika, salt, and pepper.
Heat the oil in a pot or heavy-bottomed cast iron skillet over medium heat, until a pinch of flour starts to sizzle when dropped in the hot oil (but not so hot that the oil is smoking).
Dip the chicken in the flour to coat thoroughly, then back into the buttermilk mixture, and then again into the flour mixture using your hands to pack on flour, coating very well.
Working in batches if needed, add the chicken to the hot oil in the pan and fry on one side for 8-10 minutes, and then use tongs to turn the pieces over and fry for another 6-8 minutes, until golden brown or until an internal temperature of 160°F is reached (to check the internal temperature, carefully remove the chicken from the oil onto a paper towel and probe the fattest part with a thermometer).
Once cooked, set on a paper towel to drain any excess oil.
Drizzle ranch over the chicken or serve it on the side.