Take steak and tenderize by pounding with a wooden mallet or the back edge of a chef's knife. Place the bacon strips on the steak and onions on top of bacon. Roll up steak and wrap through around it to keep it closed. Brown in frying pan in a little oil. After browning, add water and simmer (covered) until tender, about 1 to 1 1/2 hours. Remove meat and take off string and slice. Make pan gravy from the drippings. Pour over meat or serve gravy on the side.