Large language models and large multimodal models (LLMs and LMMs) deliver strong generative performance but suffer from slow decoding, a problem that becomes more severe when handling visual inputs, whose sequences typically contain many more tokens with lower information density than text. Speculative decoding accelerates LLM inference by letting a compact draft model propose candidate tokens that are selectively accepted by a larger target model, achieving speed-up without degrading quality. However, existing multimodal speculative decoding approaches largely ignore the structural characteristics of visual representations and usually rely on text-only draft models. In this paper, we introduce SpecFLASH, a speculative decoding framework tailored to LMMs that explicitly exploits multimodal structure when designing the draft model. We first mitigate redundancy in visual token sequences with a lightweight, latent-guided token compression module that compacts visual features while preserving semantics, and then leverage the co-occurrence and local correlations of visual entities via a semi-autoregressive decoding scheme that predicts multiple tokens in a single forward pass. Extensive experiments demonstrate that SpecFLASH consistently surpasses prior speculative decoding baselines, achieving up to $2.68\times$ speed-up on video captioning and $2.55\times$ on visual instruction tuning, relative to the original LMM. Our code is available here: https://github.com/ZihuaEvan/FlashSD/.