I am contemplating a search that would be local or in a tight region. However, I am in one of the largest USA cities. With that, the traditional search fund model is pretty much out of the picture.

I'm wondering if anyone has had any success executing a hybrid search? My strategy will be to go to investors once I have deals under LOI and, if the deal moves forward to request capital for due diligence. Would investors consider this? If so, would they be the traditional SF investors?

Essentially my search would be similar to a traditional search with a constrained region, no salary, and raising the due diligence capital on an ad hoc basis.

Is this possible? If not, what are some of the popular hybrid models?