Suppose I have an $(\infty,1)$-topos $\mathcal{X}$ and a (small) set of maps $S$ in $\mathcal{X}$, which therefore generates an accessible localization $S^{-1}\mathcal{X}$. Is there any "small" condition $P$ on $S$ which implies that this localization is left exact (hence a sub-$(\infty,1)$-topos), and such that any accessible left exact localization is generated by some $S$ satisfying condition $P$?
By "small" I mean expressible with only (small-set-)bounded quantification and reference to categorical operations. So, for instance, "the localization $S^{-1}\mathcal{X}$ is left exact" is not small because it is a statement about all pullbacks in $\mathcal{X}$, which form a proper class (or a set in the next higher universe, whatever). The condition of 6.2.1.1(b) in Higher Topos Theory is likewise not small.
But, for instance, "$S$ consists of monomorphisms" is a small condition, since it quantifies only over the small set $S$. (Being a monomorphism is a small condition in the sense I mean; the ordinary definition of "monomorphism" quantifies over all objects of the category, but it's equivalent to the diagonal being an isomorphism, and the diagonal is a "categorical operation". I hope the intent is clear; if anyone is confused I could try to formulate a more precise definition of "smallness".)
Of course, "$S$ consists of monomorphisms" is probably not an answer to the question. I suspect that there is a small condition "$S$ consists of monomorphisms and ..." which answers a modified version of the question that asks about topological localizations (although at the moment I don't even see how to prove that). But I would really like an answer applying to all accessible left exact localizations.