Hyper-V server 2012 R2 or server 2012 R2 with hyper V roll ?

Ok to get straight to the point here.
Stand alone hypervisor 2012 r2 is free which is excellent , But the catch is that the VM's that you connect to have to be licenced. so.
Say if my hardware has the latest Slic 2.3 and then install Hyper-v Server 2012 R2 and set up a VM say server 2012 R2 with updates as a vhd and used the said cert 2.3 for 2012 in the vhd then it should be licenced. am I correct in that assumption ?
if that is the case then I should be able to do the same with prior installations.

Also what would be best the stand alone hyper-V or the server with hyper-V roll Approach

 

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Have managed to run a vmware VM server 2012 R2 with updates and slic cert worked using the 440 way < simple
but when I started the hyper -v roll on the server it would not run due to the fact i was in a hypervisor already

And yes I did set it up the other way as well in VMware as a vhd install as well same result i am already hypervised.
so the next step is the mentioned above.

Or are you saying that if I install Server 2012 R2 with updates as a vhd attach way to my main machine I still will not be able to run the hyper-v roll form the server for the VM's that I want to create.

So I should install on HD and not into a VHD ?

ty in advance

 

OMFG I am a genius...
Bootable VHD with server 2012 R2 updated with hyper-v roll working

 

same with win 7, vista, and win8 and as I thought with latest slic hardware all activated and using cert and key for each win 7 is on main hdd and all others VHD's wicked ty all this will keep me busy for a while anyhow