There are some things you cannot do on a typical Windows 8.1 installation such as view a web site externally when running IIS Express. But also if you want to run full IIS on a Windows Pro 8.1 machine and have Visual Studio run your web application through it then you need to run Visual Studio with administrator privileges. In Windows 7 there is a compatibility tab in the program properties where you can specify this, but that is not available in Windows 8 or Windows 8.1 installations. So find the location of the devenv.exe application file. This is usually somewhere like C:\Program Files (x86)\Microsoft Visual Studio 12.0\Common7\IDE.  
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  Right click it and instead of choosing properties, choose troubleshoot compatibility.  
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Select Troubleshoot program for the options  
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Then check the box for additional permissions (this usually means administrator privileges).  
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Now test the program by running Visual Studio  
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Once Visual Studio has opened, at the top it should specify that it is running as administrator  
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Back to the wizard, choose 'Yes, save these settings for this program'  
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It will do its thing and look for any other issues.  
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You should see the next image when it has finished off.  
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Simply close it and you should be OK with running IIS Express as well as a local installation of IIS.