The specs for the compressor depend on your sprayer. Most sprayers don't take that much pressure, but you may need a bigger volume so the compressor is not running.

I use Dh's big compressor for my big sprayer that I use on exterior things - it is not practicle to use in the house. The big compressor is 220 and would be difficult to get in the house, though we do run the hose through the window for using the nail guns inside if we are doing a lot of nailing.

I have a small compressor (110) with a special regulator and filter for the airbrush. This one has seen a lot of duty because it is so much more portable than the big one. However it has a hard time keeping up some of our equipment, so we spend time waiting for it to pump back up.
This small unit would not be able to keep up with my big paint sprayer.

I would get the biggest compressor that will work for the portablity you need. You can always turn down the pressure if you need it lower. That way if your DH decides he wants to use it for something that takes more power (like an air ratchet or a larger impulse driver) he'll have the power he needs.

I purchased a HVLP sprayer ealier this year, but it turns out it would not handle latex paint. That type of unit does not need a seperate compressor. It had great reviews for spray on finishes, and I mistakenly assumed that it would work as it did not specifically say it would NOT work with latex.

It depends on the other reasons. If he is going to run some smaller nailers, etc. and will be getting a smaller compressor, that won't help you much and I would look at an inexpensive HVLP system like this:

Here is a link that might be useful: HVLP from Harbor Freight

Thank you both. I am not sure why I didn't get a notice that I had responses. I am going to check that out Pete.