Combine avocado, Greek yogurt, cilantro, garlic, lime juice, olive oil, cumin, salt, and pepper in a food processor or blender.
Pulse until the ingredients are chopped and partially combined.
Process on high speed for 45 seconds or until the mixture is completely smooth and emulsified.
Stream in water 1 tablespoon at a time while processing until the desired pouring consistency is reached.
Taste and adjust seasoning with additional salt or lime juice as required.
Transfer to a chilled container and refrigerate until ready to use.