When attempting to upgrade K2 version 5.3 from a previous K2 Five version, you will see that just after you select which components you would like to install that the initial process gets halted.
It appears that there is a required dependency and without it you cannot proceed with the upgrade.
The dependency/error being presented within the installation is the following:
This issue has been identified as a bug and will be addressed within a future release version of K2.
Re-install Visual Studio then complete one of the following options:
Launch the current environments' K2 set up manager and choose the modify option to remove the K2 for Visual Studio component. Continue until this has been completed and restart the upgrade to 5.3.
You may continue on with the original 5.3 upgrade installation. Launch the set up manager, choose the modify option and remove the K2 for Visual Studio component. After this, K2 for Visual studio can be removed entirely.