In the US, traditional search funds largely need to be geography agnostic (within US) to get funded for a traditional search - this makes sense given it's within the same country. How does this translate to Europe, however? I would assume you'd still focus your geography to one country, e.g. Belgium? Or would investors prefer picking a region, e.g. Benelux, Nordics, DACH?
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Lots of good comments above. There's not a perfect answer to all these questions. I'd say ideal legal structure, search strategy, etc. will depend very much on the specifics of your project, incl. personal preferences and priorities.
We've invested in ~40 search funds in Europe (including a number of software companies), in pretty much all countries (some of them being #1-2) and using different structures, dm if you want to talk.