Hi,
The right way is to use an SCC system or open the project located on a network drive in the network mode without having a local copy of the project in order to avoid conflicts.
If you still want to use your scenario, please note that none of the items from either your local project or the other person's local project should refer to any items of the project that is stored on the V: network drive. In other words, the local project should not contain items that are added via "Add | Existing Item..." directly from the project residing on V:. If this condition is met, the project residing on the V: network drive won't be modified unless someone copies his local project to the network drive.
