In a medium skillet, brown ground beef over medium heat, using a chopper or wooden spoon to chop into very small pieces.
Add taco seasoning and water; stir and bring mixture to a boil. Reduce heat and simmer for 5 minutes, stirring occasionally.
Heat flour tortillas in the microwave until warm and pliable (about 20 seconds).
Heat refried beans and red sauce in separate bowls.
Place a warmed tortilla in front of you. Spread a large spoonful (about ⅙ of the meat) of the warm meat in a line centered in the tortilla (leave room for folding in the sides).
Spread refried beans over the meat.
Next, spread as much red sauce as you like over the meat and beans.
Top with a sprinkle of cheese, tomatoes, lettuce, and onions.
Add black olive slices and drizzle with sour cream.
Fold in the two sides over the burrito filling. Roll up and serve immediately.