In using Virtualizor with Linux and Xen, I'd suggest at least 2GB RAM for dom0 (the VM host), plus whatever RAM you need for the VMs (anywhere from 512MB to 64GB depending on what each does).
Minimum 16GB for a small starter server, but that won't last very long if you have big plans for it.
Storage is not that critical... Our dom0 hosts are under 100GB each, and VMs can be as small as 5-20GB each, so a pair of 500GB drives is probably fine to get started, unless your usage requires more.
RAID everything, or one day you'll be sorry.
Bare minimum of 4 core hyper-threaded CPU (8 threads).
KVM or OpenVZ might have slightly different requirements, but we use Xen and I can't imagine those would be much different.
SSDs will speed things up dramatically, but remember to RAID those as well, and get server-grade SSDs - consumer SSDs do not have a good lifespan. We made that mistake, and had to replace both within several months.
As with all things server-related, more is better, enterprise-grade is better, but you can get started with a very basic machine. RAM is king - leave room to upgrade that, because you will want more later.
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