11.5 Hyper-V backups Fail at 15% - Fresh Install

This is a fresh install on 2008 R2 Server with Hyper-V. Trying to backup one VM. Have tried to backup to both an external USB HD and to shared storage with unc path. I've tried using all VSS backup options. Each time I get the same error.

ProtectCommand: Failed to execute the command.
Additional info:
--------------------
Error code: 41
Module: 307
LineInfo: e6792a5ee190dda7
Fields: $module : agent_protection_addon_vs_32256
Message: ProtectCommand: Failed to execute the command.
--------------------
Error code: 32834
Module: 114
LineInfo: c35c04057128fda9
Fields: $module : disk_bundle_vs_32256
Message: Backup of virtual machines has failed.
--------------------
Error code: 32853
Module: 114
LineInfo: c35c04057128fdeb
Fields: $module : disk_bundle_vs_32256
Message: Not all virtual machines have been backed up.
--------------------
Error code: 32852
Module: 114
LineInfo: c35c04057128fe3d
Fields: $module : disk_bundle_vs_32256
Message: Failed to back up virtual machine 'Exchange1'.
--------------------
Error code: 32786
Module: 114
LineInfo: 28314c961de7d2b1
Fields: $module : disk_bundle_vs_32256
Message: Failed to prepare for backing up.
--------------------
Error code: 3
Module: 329
LineInfo: 1cd98aae889424f9
Fields: $module : disk_bundle_vs_32256
Message: Backup has failed.
--------------------
Error code: 1060
Module: 1
LineInfo: d1ab7fa1e56ec6c7
Fields: $module : disk_bundle_vs_32256
Message:
--------------------
Error code: 13
Module: 149
LineInfo: d1ab7fa1e56ec82d
Fields: $module : disk_bundle_vs_32256
Message: Failed to perform the requested operation.
--------------------
Error code: 236
Module: 16
LineInfo: 7bb42efe3c733241
Fields: $module : disk_bundle_vs_32256
Message: Internal error: Attempt to access emulated disk for non-initialized object.
--------------------
Error code: 94
Module: 83
LineInfo: 383ffdb092990dfa
Fields: $module : hv_srv_vs_32256
Message: Failed to open virtual disk file 'F:\VirtualMachines\Exchange1\Exchange1.vhd'.
--------------------
Error code: 212
Module: 83
LineInfo: 383ffdb092990db1
Fields: $module : hv_srv_vs_32256
Message: Failed to create a multi-volume snapshot where files are located:
F:\VirtualMachines\Exchange1 (virtual machine file location),
F:\VirtualMachines\Exchange1 (virtual machine snapshot file location),
F:\VirtualMachines\Exchange1\Exchange1.vhd (virtual disk file location).
--------------------
Error code: 207
Module: 83
LineInfo: 383ffdb092990da2
Fields: $module : hv_srv_vs_32256
Message: Failed to mount the volume snapshot.
--------------------
Error code: 8207
Module: 16
LineInfo: 14181c22ef45ad46
Fields: $module : hv_srv_vs_32256
Message: Failed to get a snapshot internal path.
--------------------
Error code: 9
Module: 0
LineInfo: 2aacb7b2ab852ac
Fields: code : 50, $module : hv_srv_vs_32256
Message: Unknown status.
--------------------
Error code: 65520
Module: 0
LineInfo: bd28fdbd64edb8e0
Fields: code : 2147942450, $module : hv_srv_vs_32256
Message: The request is not supported
--------------------