The only community string supported by the LEM is PUBLIC.
You can certainly deploy the LEM agent on your Hyper V host and log events from it, and SAM and other Orion components can monitor the Hyper-V host. The LEM virtual machine is a closed system, though. You can create rules that will send SNMP traps to other devices when events match the correlations.
For example, you can add the SNMP action to the Template: Solarwinds Disk Warnings rule to have SNMP sent to SAM when the LEM's disk is getting full.
You'll need to make sure you have the SNMP Active Response enabled under the Manage --> Appliances --> (Gear next to LEM) --> Connectors menu as well.
Thank You for responding – I will try your suggestions.