Connection to Xamarin.iOS Build Host Failed

I've set up a virtual machine via Parallels on my mac and I'm trying to get a simple Hello World running. I'm able to see the mac computer to act as my host when I try to connect it within Visual Studio, but it's not successfully connecting. Specifically, the error I get is 'Connection to Xamarin.iOS Build Host Failed'.

I've performed a diagnostic and it fails at the 'Reachability Test', which I think is odd because my windows and mac computers are actually the same computer. I've modified the Network settings on Parallel to be 'Shared' since other posts suggested that, but it didn't work.

Note, I have been able to get a Hello World up when using Xamarin Studio directly on the mac. I've also made sure I have the latest Xcode.