What deal terms can you expect from investors after self-funding a search?

I'm just starting my search and considering all options (e.g., self-funded, single sponsor, traditional).

If I were to self-fund a search (and raise money after signing an LOI), would investors generally be interested in participating? What terms can I expect at that point? (Assuming significant debt and seller financing as well).

In particular, I'm interested in acquiring a company of size similar to a traditional search fund (i.e., $2M - $5M EBITDA), but would like to avoid the expensive 50% step up and guaranteed-return preferred equity that generally comes with it.

Any thoughts? Thanks in advance!