It so happens that in Visual studio, the connection to a TFS server is through a possible proxy server. (A default one)
If you VS is slow to take TFS,
go to the
Visual Studio 10.0/Common7/IDE/devenv.exe.config file
go to the bottom
locate <system.net>
and add
<system.net>
<defaultProxy enabled="false" />
<settings>
<ipv6 enabled="true"/>
</settings>
</system.net>
<appSettings>
<add key="TestProjectRetargetTo35Allowed" value="true" />
</appSettings>
</configuration>
this will stop it from looking for your TFS server on the internet