Connecting ION to PC with training Capture exe

2. yes there should be. you either started in offline mode or you started as primary before any other network device was present. which brings me to
1. it's technically speaking not necessary but it helps avoid so many mistakes.
3. check that in Shell > Settings > Network sACN is activated and set as default (so you need to have two checked boxes)

So in theory I should start the PC up before the console. That way the console sees a network present. I did install a Microsoft Loopback Adapter. Not sure if this helps or not.

sACN is activated and is default. Does "release version" need to be set to Draft Version (v0.2)?

start the pc before the ion, but not too long before it because the pc might deactivate his nnetwork if he doesn't see anything else present. which a switch would avoid.
loopback doesn't help, that's needed if you have the "console" in your pc and want the output returned to the computer itself so capture on the same pc can see the signal.
sACN should be set to release version, i.e. not to draft.

if you shut down the console and restart (not only exit to shell), does it work?
in the network settings of the console do you have a static or a dynamic IP?

start the pc before the ion, but not too long before it because the pc might deactivate his nnetwork if he doesn't see anything else present. which a switch would avoid.
loopback doesn't help, that's needed if you have the "console" in your pc and want the output returned to the computer itself so capture on the same pc can see the signal.
sACN should be set to release version, i.e. not to draft.

if you shut down the console and restart (not only exit to shell), does it work?
in the network settings of the console do you have a static or a dynamic IP?

That worked!

Decent amount of lag between the console and the PC. Suggestions on that fix?

if you install the freeware sACNview on your PC you can check if the delay is in the output or if the delay happens somewhere in the PC. does it have a somewhat decent graphics card?