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I'm reading the requirements for a virtualized environment from here which says:

IP Address

- One IP address on a subnet for the host.
- One IP address on a subnet for each VM Guest.

I want to know if a normal home network (router connected to the Internet) would meet this requirement?

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Sure. Your home router will NAT so all IPs behind it are presented to the internet as coming from your ISP-allocated public IP.

Check the range (normally 192.168.x.y) that your router uses and create static IPs for the hosts on this range. (Not sure if you're using DHCP - I expect you are - in which case you'll want to add these static IPs as exclusions to the DHCP range so it doesn't try and allocate the same IPs to something else.)

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From the current system find out the IP address. (ifconfig -a in *nix and ipconfig /all on windows).

If your netmask to (default class C mask) and IP address something like 192.168.1.xx, then you would need to decide one IP address in same range (here between or 3 up to for the host. Then each VM guest will need one IP in the same range.

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