Self-funded searcher here. One stat I keep reading/hearing is that it takes 3-4 LOIs before closing on a deal (of course case by case but generally speaking). Why is that?

1. What are the incremental learnings from each failed deal (post-LOI)?
2. Also, how do self-funded searchers survive diligence costs from 3-4 DD processes ($20k+ QoE, $40k+ legal, etc.)?