In my post about running Team System as a project manager I mentioned that I was having some problems with the share point portal.  After re-building my app server and having the same problem, I tracked down the issue to some permissions.  I'm still not exactly sure what I'm missing, but by using the TFSIdentity account (this is talked about in the install directions) I was able to create a new portfolio with a share point portal. 

The only part I'm concerned about now is an error that showed up in the portfolio creation log.  Since I can't cut and paste between my host computer and the virtual server I'll just list the main error:

Event Description: Task “Currituck” failed.

Exception Type: System.Runtime.InteropServices.COMException

Exception Message: Exception from HRESULT: 0x80044003.

I'm going to continue on playing assuming that the error won't be important...