That is pretty non-standard and a pretty big red flag in my opinion. Definitely a non-starter unless you're willing to work just for the cash they're offering o

That is pretty non-standard and a pretty big red flag in my opinion. Definitely a non-starter unless you're willing to work just for the cash they're offering on the assumption that you'll end up with no equity. I'd be hesitant even then because it sounds pretty sketchy.