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jconklin-ansinc-net

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Server 2008 Hyper-V Network Configuration

I am setting up a 2008 host with 2 physical nics and, at present, 1 guest OS, also 2008. I know, I'm in the dark ages. I want this guest to connect to internet, LAN and potentially another guest, without interfering with the host networking at all. How would I handle IP addressing on the 2nd nic and how it's handled in Hyper-V (External, Internal, Private).
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FinServCo

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Ouch, serious dark ages. I highly recommend that you not use Windows 2008 as the host. Any other version of Windows Server or Hyper-V server is acceptable. You can manage the free Hyper-V Server from itself or any version of Windows using the excellent 5nine Manager for Hyper-V. This eliminates the worries of not having a full Windows GUI or having the correct version of the client OS for management. Performance and stability from the later versions of Hyper-V is much better.

http://www.5nine.com/5nine-manager-for-hyper-v-free.aspx
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jconklin-ansinc-net

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FinServCo: It required an IP on the host NIC 2. If I didn't set it static then it picked one up via DHCP.  It also created the virtual switch NIC.
Yes, but once you created the virtual switch, it should have lost the IP and the only things bound to NIC2 on the HOST machine should be the driver and Microsoft Virtual Network Switch Protocol.

Then you configure the IP settings within the GUEST machines, having set the guests to use the virtual switch associated with NIC2.
FinServCo- No, the Host NIC2 still has an IP address. It also has the interface showing the Virtual Network Switch Protocol, and the guest OS has an IP. It seems like a waste of an IP address but maybe it's because it's 2008.
Okay, that's because you have "allow management operating system to share this network adapter" checked.

When you set a NIC as a Hyper-V virtual network, Hyper-V takes it over.  So if you have the "allow management operating system to share this network adapter" checked, you won't see the IP address in the adapter properties, but it will show up at the command line.

This is so that you can have one NIC that's dedicated to management, and another NIC that's part of a virtual network that can be assigned to guest VMs and also used to manage the Hyper-V host server if NIC1 loses connectivity.