I get the following error while trying to build a normal C# application.
Error 1 A problem occurred while trying to set the “References” parameter for the IDE’s in-process compiler. No metadata was found.
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Problem Solved. Upon closer inspection found the error MSB3021. Accidentally an app.config file had been added to the .csproj file. But since no error was there this error was being thrown out. Removing that from solution explorer fixed it.