This is a Linux based VM that is intended as a way to get security researchers started with simple botnet research. It also requires the researcher have some ability to assess and exploit vulnerabilities, with the ultimate goal of obtaining root access to the VM.
The network configuration of the VM is set to auto, so it is easiest to run with some sort of DHCP server on the same network(or just select the NAT option in your virtualization software). It is suggested that you use the NAT option along with port forwarding, but as long as you have TCP access to the VM, you should be fine.
If you have questions, feel free to ask in #vulnhub on freenode(I'm bwall on there).