On my PC (Windows 8) I logon as a domain user, there is no local user on my PC. I installed IIS8, Visual Studio 2012 etc to develop .NET webapplications.
I have setup IIS with default settings; .NET v4.5 DefaultAppPool with ApplicationPoolIdentity as identity.
My projects are on V:, which is a mapped network drive. I setup a website pointing to V:\Website1, when opening this website I receive the error:
HTTP 500 Cannot read configuration file; \\?\V:\Website1\web.config
Which user needs read permissions for V:\Website1 directory?
Add the user: IIS AppPool\[AppPoolName]
See this link: http://www.iis.net/learn/manage/configuring-security/application-pool-identities