A basic setup for Hyper-V home-labs is the following:
External LAN (Home LAN) – 192.168.0.X – Configure this to be your local network adapter on your Server/Desktop, this will be your WAN for your HomeLab(Home Network). Configure the V-Switch adapter to “External Network”. If you only have a single NIC on your machine make sure to enable “Allow management OS to share this…” Option.
Internal LAN (HomeLab LAN) – 192.168.1.X – Configure this to be your internal network adapter for your Hyper-V LAN. You will assign all of your internal PCs and servers this NIC by default. My recommendation if you do not have a physical network switch, is to use pfSense as a virtual router for your homelab.
See my other post pfSense – Visualize Your HomeLab Networks! for more info on how you can implement pfSense and virtual networks into your Hyper-V homelab.