Place chicken thighs, ranch seasoning packet, buffalo sauce, and water in your Instant Pot.
Place a vegetable steamer or trivet on top of your chicken.
Add cut-up potatoes onto the trivet.
Place lid on instant pot and secure the cover.
Turn the pressure release valve to "sealing."
Cook on high pressure for 12-15 minutes, depending on the thickness of the thighs
Quick-release pressure when the cooking time has been completed.
Remove the potatoes, and set them aside.
Turn on the saute function and saute the chicken thighs if you want to crisp up the skin