Feel free to add anything else in the comments or point me out should I am making a mistake somewhere along the way ;)
First things first, you have to decide what will be the use of the VM that you are creating? Will it be a file server, or a web server, or a database server? Perhaps it will be a dedicated VM for a couple of users. No matter your choice, if you are setting up the server as a virtual machine in you infrastructure you have to keep in mind a few things so these are just a few golden rules for setting up a Linux VM so that you don't end up crying later when things go bad.