You need to set an IP in /etc/syconfig/network-scripts in one of the the files ifcfg-eth0, ifcfg-eth1, etc. For me, I added a virtualbox host-only network to connect the VM to my machine. That became eth1 on the VM, and it gets an ip to 192.168.56.101. Now, I think I can reboot, and the VM will keep getting that IP, but either way I can force it to continue to use that IP by setting up ifcfg-eth1 to use a static ip and not dynamic.
You can keep the IP same with 2 ways as Craig answered above.
Hope this helps.
Thanks Craig & Abhijeet,
I implemented the suggestion provided by Craig. At present, it is working and everytime I get a same IP. Will try it few more times and confirm.