To make beef tips with rice and gravy, cut 1 pound of sirloin tip or round steak into 2-inch cubes, or use precut stew meat. Heat 1 tablespoon of bacon grease, butter or vegetable oil in a pot over medium heat, and add the beef. Slice 1 medium-sized onion, and add it to the beef. Cook the beef and onions, stirring occasionally, until the meat is a light brown.
Pour in 3 cups of beef broth, and heat it to a boil. Cover the pot, and set the heat to medium-low to simmer. Cook the beef until it is tender, approximately one hour. In a bowl, mix together 2 tablespoons of cornstarch and 3 tablespoons of cold water to incorporate them. Continuously stir the beef and broth as you gradually pour the cornstarch mixture into the pot. Cook the beef an additional 10 minutes to allow the gravy to thicken.
Rinse 2 to 3 cups of rice under cold water, and drain away any excess. Add the recommended amount of water per the package directions, and bring it to a boil over medium-high heat. Allow it to boil for two minutes, and then set the heat to medium-low to simmer. When the rice absorbs most of the water, remove the pot from the heat and cover it. After 10 minutes, serve the rice, and top it with the beef tips and gravy.