So this one is pretty simple. However, I found a lot of misinformation along the way, so I figured that I would jot the proper (and most simple) process here.
Symptoms: a RHEL (or variant) VM that takes a very long time to boot. On the VM console, you can see the following output while the VM boot process is stalled and waiting for a timeout. Note that the message below has nothing to do with cloud init, but its the output that I have most often seen on the console while waiting for a VM to boot.
[106.325574} random: crng init done