$$ \lim_{x\to 2^-}\frac{x(x-2)}{|(x+1)(x-2)|}= \lim_{x\to 2^-}\left(\frac{x}{|x+1|}\cdot \frac{x-2}{|x-2|}\right) $$
So as the title says, is it okay to separate function under absolute value like this (i.e In form of Products) as shown in the denominator?
Yes, $|ab|=|a||b|$ holds for all $a, b\in\mathbb{R}$.