You can also get to Virpazar by bus from Podgorica or Sutomore. Longer-distance buses for example, from Ulcinj, Bar towards Podgorica also stops there but it is important that you tell the bus driver that you want to stop in Virpazar or they will probably drive past it because it is so small. Try to arrange arrival during the daytime. The "Bus Stop" is a shed along the roadside and across the railway tracks from Hotel Pelikan. Boat rides can be arranged from there. You will need to wave down the buses heading to Podgorica or Ulcinj/Bar for your on-ward journey.
The town is very tiny and everything is at walkable distance, except for the train station which is at 15 minutes walking out of the center.
If you come by train, you'll have to follow the main road to get to the center. There is no sidewalk and some dangerous circulation... The good news is that there is a trail starting on the right side, on the other side of the railroad (be careful while crossing the railways!), just when it start to becoming too dangerous to walk on the main road (after a brown sign indicating the panoramic road). It leads directly at the center of the town (near the restaurant-boat). If you have rolling luggage, rather consider calling a taxi to get to the center.
There is an ATM in Virpazar but it can run out of cash and the shops and restaurants don't accept credit cards. Be prepared and come with cash. Other ATMs are located in Sutomore, a 20 minute train ride away on the coast, and Golubovci a 15 minute bus ride towards capital Podgorica.
There are several great restaurants around the town that serve fresh fish from the lake. If you are looking for an opportunity to stop being so cheap and just enjoy and good meal with some great montenegrin wine Virpazar will present you with a good opportunity.
When you come in to town you will immediately be approached by someone from the main hotel. This person will try and hard sell you into getting a room in the hotel (for something like €40 a night). Don't get sucked in, you can find accommodation a little further up in the town for under €10 per night per person. The hotel restaurant is extremely expensive too.