Hardware spec suggestion?
The current minimum recommended hardware is 2 core CPU, 2GB ram, SSD drive and a decent network of at least 10Mbit/s. From my own experience of running a node, I would recommend 4 cores (or virtual cores), 4-8GB RAM, SSD and 100 Mbit/s network. More RAM will ease the disk I/O.
You would get better performance from running it on a dedicated server or home PC but many choose to use a shared VPS in a cloud host, which is fine in most cases. It depends on what your aim is for your node. A shared VPS is cheaper and you could get one for as low as a few USD/month.