Unless you are very confident of the teams ability to market and sell the product I would not take equity. They basically are getting you to work for free to b

Unless you are very confident of the teams ability to market and sell the product I would not take equity. They basically are getting you to work for free to build their product. Which they could then take to go get funding and in the worst case they can find a way to completely dilute your shares. There is literally no upside to this deal for you as you have described it. It is nice to be wanted but cash is king.