So I was able to figure out what was happening. During the Starting to clone the volume mounted on '/' from IPADDRESS stage, the converter would start to convert the disk.
At some point the network interface would drop. I do not know why. The work around is to go onto the physical machine that you are trying to P2V and run the following commands.
sudo ifdown -a
This shuts down all network interfaces
sudo ifup -a
This starts up all network interfaces
Once this is done the P2V will continue. This was a weird glitch, but I am glad I was able to figure it out. I hope I save someone else several hours of troubleshooting!