One idea is to use an air mattress with a frame. There are a variety. An example is one from Walmart - /www.walmart.com/ip/Coleman-Queen-Cot-Cat-Framed-Airbed/22084227. We have one that we take camping and so know that it is very comfortable. My niece niece introduced me to them - it pulls in to about 12 in square and about 2 feet high.
When my daughter moved out - as she took out her furniture I moved in with my sewing machines. A year or so later we had a murphy bed installed. It it great to have a queen size bed to put guests in, and it is out of the way when there are no guests. The room keeps evolving even after 7 years. As I change so does the room.