Cut outer fat from steak and cut into desired sized tips.
In a bowl, mix all of the remaining ingredients.
Place tips in a very large ziplock plastic bag. Pour marinade over tips and distribute evenly, moving around the tips so they are completely covered with marinade. Close bag tightly removing as much air from bag as possible. Place bag in a bowl (this prevents any leaking marinade to get all over your refrigerator).
Place bowl in refrigerator 4 hours or overnight.
Remove tips from marinade; reserve remaining marinade.
Grill tips on a coal or gas grill to desired doness. If cooking indoors, refer to Note # 1 below.
While your tips are cooking; add remaining marinade into a small saucepan and cook until it comes to a full boil. Cook for 2 minutes.
Serve tips hot and serve with sauce. These are great served with a baked potato or rice. .
NOTE 1: On winter days, I've cooked this indoors on a cast iron pan with grill grades. Once they are browned evenly, cover with a lid (this helps cook through and not burn). I find that the marinade burns easily using the cast iron method. Therefore, add a few drops of water to the pan which keeps the marinade saucy, being careful not to add too much water so that you wont' be steaming instead of grilling.
NOTE 2: If using tabasco (I've never used it here), please do not use 1 tablespoon as this will be too hot and will transform flavor due to sharp bite of tabasco. I normally use a Portuguese "pimenta moida" (found in Portuguese markets or in well stocked supermarkets) and recipe can be found on this site "Pimenta Moida (Portuguese Red Pepper Sauce)
". Pimenta moida can also be purchased inexpensively online within this website: www.amaralsmarket.com/products-page/marinades-imported-from-portugal/gonslaves-hot-chopped-peppers-16-oz/.
Substituting Frank's hot sauce or equivalent will do.