The RAID controller box was checked. Since I didn't get a reply yesterday I went ahead with the retag solution. I created the virtual disks using what I believe was the right parameters but the data ended up being wiped. By the way I did it with iDRAC's web interface and it did not warn me when creating the virtual disk that data would be wiped. I tried again this time in the BIOS and it did warn me data would be wiped.   I just restored the backup I had taken beforehand on the new virtual disk so my problem is resolved.
I'm getting the following error on boot: Foreign configuration(s) found on adapter. Press any key to continue, or ’C’ to load the configuration utility or ’F’ to import foreign configuration(s) and continue. The problematic VD is just a single disk configured as a 1-disk RAID 0. I tried importing the foreign configuration but the server did not boot to OS (this is the OS disk, boot device not found) and when I rebooted I still had the same message so it looks like the import didn't work. So I tried to do the import again but this time by going into the configuration utility thinking it would show me an error message if it fails but again no error and it did not boot to the OS.   I have taken out the disk to do a backup and to check it, I have found a bad sector which I have corrected with chkdsk. I would rather recover from this without losing the data on the drive, what should be my next step?  
PERC H710p Foreign configuration on 1-disk RAID 0 VD