Use mapped drive or shared folder with IIS Express

I'm trying to setup a dev environment for an asp.net (umbraco) project using IIS Express on a mac. I have a VM with windows installed with the dev tools.

My goal is to only use the VM as a compiler but actually write the code on the mac. To do that my trying to setup a network drive or a shared folder between the host and the guest OSes.

But IIS Express gives me an error when running the application.

HTTP Error 500.19 - Internal Server Error

The Requested page cannot be accessed because the related configuration data for the page is invalid.

Error Code 0x80070003

Config Error Cannot read configuration file

I kind think it has something to do with the settings of permission but I'm not sure. But I do not have that great understand of the permission system in windows or of how IIS Express actually works.