Looking at the logs, it reported that there was a network resource unavailable. I double-checked all of the network settings and ensured that all adapter names were identical between nodes. I tested Failover from Node1 to Node2 and vice versa, to no avail. Neither direction would allow the VM to Live Migrate or Failover.

Loading the Failover Cluster Manager (FCM), I navigated to the Virtual Machine settings. Under the VM settings, I simply removed and re-added the Virtual NIC binding from the Virtual Network that was created in the Hyper-V Manager.

I tested Failover and Live Migration again.

Success! The trick to remember is that if you have any VMs set up prior to implementing Failover Clustering and Cluster Shared Volumes, you must modify their settings from within FCM after you move them from Hyper-V Management, or it will not allow your VMs to be Highly Available.