Hacking Time Machine

This past week I was the unfortunate victim of hard drive failure on my 1stgen Macbook Pro. After looking through my local NAS and finding that my most recent backup was done in April, I kicked myself a little bit. I have everything available to me to do regular backups, but like most people I am just too lazy. I decided that I wanted to try and get Time Machine to perform backups to a network share instead of a local drive. A simple terminal command was all that was needed to make my network volumes show up in Time Machine.
defaults write com.apple.systempreferences TMShowUnsupportedNetworkVolumes 1
Just changing this preference has worked for many other people, but I get the a message from Time Machine stating "The backup disk image could not be created." Nothing on google or the apple support forums seems to give any good info on the situation.
Any ideas?