Compiler was looking for files in an empty submodules folder. I downloaded the zip files manually from github, but then compiler come up with a bunch of link errors, 11 failed, etc. (not sure if that's related), just new to me, since the last time I updated the source, the "submodules" didn't exist.
I did try doing a completely fresh gitpull (rather than just updating the source), and it still wouldn't populate the subfolders in submodules.
EDIT: The compile error I'm getting:
LINK : fatal error LNK1104: cannot open file '..\bin\Debug\common.lib'
I haven't done any custom editing to the source, just simply enabling the loginserver build in cmakelist. I reverted back to my source from June 21st (with no submodules) and it compiles fine. Just sayin ....