Host and VM addressing on /30 network

I am trying to get my head around how host and VM addressing can work when using a /30 network.

The interface on the router is /30 (say 10.1.1.1/30).  The VM needs to communicate with the router, and I don’t think NAT is an option, so seemingly the interface on the VM must be 10.1.1.2/30.  This leaves no spare addresses on the subnet.

This being the case, how do I address the physical interface on the HyperV host and configure the virtual switch(es) to allow transparent communication between the VM and the router?