Post-LOI (Hybrid model) – milestones before raising DD capital?

Hi all, We’ve recently signed an LOI on a small healthcare services business under a hybrid search model. We already have meaningful information (financials, operational data, preliminary internal analysis), but we have not yet launched third-party DD. In our case, we would need to raise capital from investors to fund the official DD process, so we want to be very disciplined before taking that step. For those who’ve been through this stage: 1.What milestones do you aim to complete post-LOI before raising DD capital? 2.How deep do you go on internal validation before engaging investors? 3.Do you first soft-circle equity and debt, or validate bankability before going out? 4.Any frameworks to avoid raising DD money too early? Appreciate any insights from hybrid or capital-constrained searches.