As an additional point to @malenkiy_scot's above, for ProjectReference items you want to keep, double check the project guid is the correct one for that project. In the dependent .vcproj file, find the ProjectReference tags as above, and for each you want to keep:
- open the referenced project's .vcproj file in a text editor
- find its guid in the ProjectGuid tag
- compare this with Project tag for that reference in the dependent .vcproj file (not case sensitive)
- if it's not the same, replace the guid in the Project tag with the one from the referenced project's ProjectGuid tag
- save the project file and reload the solution
Visual Studio uses the project guid rather than name to determine dependencies. So if you've hand edited the name of the dependency but not the guid (as I did) you get the error.