When created VHD for VM Role one important steps is to SYSPREP your OS. You can launch SYSPREP application (sysprep.exe) which is located at %WINDIR%\System32\sysprep folder as below:


Once SYSPREP Application is launched you will see the following window, select "Enter System Out-of-Box Experience (OOBE), check "Generalize" and "Shutdown" as below then "OK":


If you meet any problem during SYSPREP phase, please read sysprep logs located below:

%WINDIR%\System32\sysprep\Panther

Details in SYSPREP log file will help you to solve problem. I found most common issues is related with to many SYSPREP execution without activation. And if that is the case, you will need to activate the OS only then you can run SYSPREP.