Windows Server, Hyper-V, Set up hosts for live migration without Failover Clustering You can set up hosts that aren't clustered so you can do live migrations between them.
Phase 1: Configure constrained delegation (optional) [Skip]
If you have decided to use Kerberos to authenticate live migration traffic, configure constrained delegation using an account that is a member of the Domain Administrators group.
Phase 2: Set up the source and destination computers for live migration This step includes choosing options for authentication and networking.
Use Hyper-V Manager to set up the source and destination computers for live migration Step 1: Open Hyper-V Manager. (From Server Manager, click Tools >>Hyper-V Manager.) Step 2: In the navigation pane, select one of the servers. (If it isn't listed, right-click Hyper-V Manager, click Connect to Server, type the server name, and click OK. Repeat to add more servers.) [Here: SRV1] Step 3: In the Action pane, click Hyper-V Settings >>Live Migrations.
Step 4: In the Live Migrations pane, check Enable incoming and outgoing live migrations.
Step 5: Under Simultaneous live migrations, specify a different number if you don't want to use the default of 2.
Step 6: Under Incoming live migrations, if you want to use specific network connections to accept live migration traffic, click Add to type the IP address information. Otherwise, click Use any available network for live migration. Click OK.
Step 7: To choose Kerberos and performance options, expand Live Migrations and then select Advanced Features.
If you have configured constrained delegation, under Authentication protocol, select Kerberos.
Under Performance options, review the details and choose a different option if it's appropriate for your environment.
Step 8: Click OK.
Step 9: Select the other server [Here SRV2] in Hyper-V Manager and repeat the steps.
Reference:
https://learn.microsoft.com/en-us/windows-server/virtualization/hyper-v/deploy/set-up-hosts-for- live-migration-without-failover-clustering