The problem is that tf.exe is not in the path to the window, and when the visual studio tries to run command windows, it does not know where to look for it.
so that..
A) Change your path to include the path to tf.exe (it is in the folder with visual studio)
B) Modify the build command to include the full path to tf.exe
"C:\program files (x86)\microsoft visual studio 11.0\Common7\IDE\tf.exe" checkout $(ProjectDir)MyFileToCheckout.cs
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