Problem Updating 4.6 project to 4.7

Hi I am having trouble updating a project from 4.6 to 4.7.4. I am getting an error saying that all of the files are externally referenced. I have tried doing what another thread suggested by changing the names of the folders, opening them, close UE4, and then rename the folder back to its original name.

I also tried rebuilding the project, as well. Multiple times under different settings as well, other than development editor.

This project started on a colleagues computer but when I opened this project on mine in 4.6 it still worked fine.

So now every time I try and play the game it crashes. Yet it will open the map. Should I just wait until 4.8?

Thanks for you help!

-Rob