I looked at this post http://stackoverflow.com/questions/547468/assembly-references-wont-resolve-properly-on-our-build-server but it didn't help the issue.

I am (extremely) new to TFS, and just installed 2010 on a VM. I imported a project and got everything working-ish. I went to create a new build through team explorer, and set it up to build on each check-in. It build's locally just fine, but when it's built on check-in it dies on a 3rd party assembly reference. The reference is not in the GAC, but part of the local references. There is only one 3rd party dll, and the projects only reference each other in the solution.

I have a feeling I'm missing some important step with regards to TFS and references. Any ideas?

EDIT: This a test installation...there is nothing else installed on this box, with the exception of SQL and IIS.