We have multiple products here that shared some common libraries. These libraries are part of a separate solution (so they can be built by TFS independently), but the proble
You might want to have a look at NuGet:
NuGet
NuGet is a free, open source developer focused package management system for the .NET platform intent on simplifying the process of incorporating third party libraries into a .NET application during development.
(where you would be the third party yourself in this case)
Note: This would not give you conditional references, but it would ease updating the common components.