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I didn't use the Parallels tools yet. Plan to install it after I set up the VM.
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Are all other VM's shut down? That was the only other thing I did.
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Did you use the base vm config with 1 GB of RAM, 2 Cores and 64GB of HD space? That is what I did and I am up and running now.
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Create a new VM using Windows > Other Windows, don't try to base it off of Windows 8.1