This has just been annoying me for the last two hours!! Anyway, Here’s how I finally got it sorted.
1. Type in your apple i.d and password and hit the ‘turn on home sharing button’
2. Box shows up with 5507 error ( as usual)
3. Wait until the 6 digit access code pops up on your iPhone. ( I’m assuming it will pop up on your iPad too???) Mine came through after about ten seconds or so while I was cursing at the monitor!
4.Retype your apple i.d. password with the 6 digit code added to it.