The problem is that tf.exe is not in the windows path, and when visual studio tries to run the command windows does not know where to look for it.
so either..
A) Change your path to include the path to tf.exe (its in your visual studio folder)
B) Change your build command to include the full path to tf.exe
"C:\program files (x86)\microsoft visual studio 11.0\Common7\IDE\tf.exe" checkout $(ProjectDir)MyFileToCheckout.cs