We will install all Windows Hyper-V servers at "C:\HyperV" folder. Each virtual machine will have its separated sub folder. The sub folder name will be the virtual machine's host name. Here is an example "C:\HyperV\TestVM". All information about this virtual machine will be under this folder (Disk file "C:\HyperV\TestVM\TestVM.vhd", virtual machine configuration "C:\HyperV\TestVM\Virtual Machines" and snapshots "C:\HyperV\TestVM\SnapShots").
You need to create a physical folder to store the hard disk file and configuration files first. It is "C:\HyperV\TestVM" or what ever you want.
Windows Server 2008 Start > Programs > Administrative Tools > Hyper-V Manager.
Click "New > Virtual Machine" in the right side "Actions" panel.
Put "TestVM" as name and check on "Store the virtual machine in a different location" but leave "C:\HyperV" as it is. Then click "Next >".
Specify the amount of memory to allocate to this virtual machine. You can specify an amount from 8MB through the maximum physical memory. Then click "Next >".
Choose "External Virtual Network" from the dropdown list. If it is not in the list, you need to create the virtual network first. Then click "Next >".
Leave the name and location as default. Specify the hard disk size (25GB) based on your requirement. Then click "Next >".
Choose the default "Install an operating system later". Then click "Next >".
Review the configuration information. Click "Finish" button if everything looks ok.
The file structure should be similar with below. Now you are ready to load operating system to your Hyper-V server. Please see Step by Step Guide to Install Windows Hyper-V Guest Operating System.