F5 debugging fails for any SharePoint project types using Visual Studio Professional 2012

Recently I had an opportunity to troubleshoot and fix an issue with not being able to perform F5 debugging using Visual Studio Professional 2012 with “any” SharePoint 2013 project types. We were able to manually attach VS debugger to the SharePoint process (w3wp.exe) and debug it, however, if we press F5 (or DEBUG –> Start…