I want to create a Native C++ project which inherits it's settings from another Native C++ project within the same solution, so if I were to change the settings from the base project, it will be reflected in the derived project.
Is this possible? I use the word inherit because I see that in the project settings, though I'm not sure where it's inheriting from.
It is inheriting from the solution. If you have both projects in the same solution then you can specify some of settings in the solution and have the projects inherit from the solution. You can then change the a setting in the solution and it be reflected in both projects.
Project settings sharing is done via Property Sheets.
Go to View -> Property Manager, right-click on one of your projects and select "Add New Project Property Sheet...". Choose some common place for it, that is easily accessible by all other projects (somewhere near solution file will do).
Double-click on that new property sheet and set whatever options you want your projects to share. Now you can add this property sheet to any other project via "Add Existing Property Sheet...".
