IIS 10 500.19 error

Currently running IIS 10 and after bringing down a new project (TFS) I cannot get the site to run due to a 500.19 error. To me it looks like IIS is looking for the web.config file in the wrong location (pointing to a directory on the project creators PC) and I don't know how to change this to point to the one on my machine. Anyone had this problem before and knows of a solution?

Edit: the error code I get is 0x80070003