Fedora yum usage within a VM

When using a virtual machine with the network sitting behind a host that has a internet connection via a proxy, consider the following steps:

vi /etc/yum.conf -->
add line proxy=http://myproxy:8080/ (replace myproxy with actual IP address to avoid DNS lookup problems)
change line: gpgcheck=1 to gpgcheck=0


vi /etc/hosts --> add line:
80.239.156.215          mirrors.fedoraproject.org

vi /etc/yum.repos.d/fedora.repo -->
- change line: gpgcheck=1 to gpgcheck=0
- uncomment line: baseurl ...
- comment line: #mirrorlist ...


Problems you might run into:
[root]# yum update
Loaded plugins: presto, refresh-packagekit
Error: Cannot retrieve repository metadata (repomd.xml) for repository: fedora. Please verify its path and try again

[root]# yum update
...
[Errno 14] PYCURL ERROR 7 - "" fedora