When exactly do you start paying for lawyers, and to what extent?

April 28, 2019
by a searcher from Harvard University in New York, NY, USA
I know the common wisdom is "it's never too early to start building your team" and getting professional advice. But in reality, as a self funded solo searcher, it's financially impractical for me to have a lawyer and accountant with me every step of the way. I've done a lot on my own -- I formed my LLC completely on my own, I drafted my PPM and 50% of the subscription/op agreements on my own, filed the state and SEC registrations on my own. So far, outside of mandatory filing/registration fees, I've spent <$1000 on legal/financial advice.
However, I'm at a point now where I really need to start thinking about paying for professional services. But with a tight budget in mind, when exactly do you guys involve and start paying real money for lawyers/accountants?
Specifically, in the following timeline of a hypothetical search process, where and how in depth do you involve lawyers?
1) Searching / Prospecting
2) Connecting with potential targets and having broad convos
3) Sending an official IOI
4) Conducting prelim due diligence
5)Sending out a LOI
6) Conducting extensive due diligence
7)Submitting formal offer and closing
from University of California, Santa Barbara in Los Angeles, CA, USA
from University of Notre Dame in Pittsburgh, PA, USA