The areas you mention (and virtually all other retail RE in San Diego) are going to be initially cash flow negative implying you will need to supplement the expenses for a period of time.This does not mean that they are not good investments. 

After working out a deal that would make us both happy, we virtually “shook hands” and agreed to circle back a week or two out. 

So I am thinking if I can own and operate a ~$6M piece of property with virtually a small down payment then I win.

Buyers and sellers still need to move, and the industry is looking for new ways to accommodate both the needs ofthe transaction and, of course, the safety of everyone.Many traditional real estate activities can be performed virtually.

For those who have seen success through virtual wholesaling (wholesaling in a different state than you live in), how do you have your legal entities/structure set up?

Well everything has gone virtual but yeah.  

They aren't meeting in person right now - but many are meeting virtually online.  

In person or virtually, anything helps.

I was looking for ways to get started (driving for dollars, virtually, etc.) or just connecting with someone who's been in the business around the Austin market.

You could do that virtually.