1. Start qemu with the serial port redirected somewhere. I chose to redirect to a file since that would be searchable.
qemu-kvm
-serial will redirect the serial port output to the file.
(The other options I use are "-vga vmware -m 512M -redir tcp:5555::22", but it's irrelevant here.)
2. Tell the kernel that the console is on the serial port.
Edit the bootloader config and add console=ttyS0 to the kernel arguments.
You may also need to remove "splashy", "quiet" or others.
Now you can inspect the log file on the host.