Would it be correct to use the word “solo” like this:
No me queda mucho dinero; solo tengo para dos cervezas más.
It’s just that we might say it this way in English.
Also in general can the word “solo” be used with clauses of limitation?
Yes, you can. It's two different sentences but meaning pretty much the same.
In general you can also use solo to express a limitation; in this case you have two independent clauses:
Yo no voy a la biblioteca, solo estudio en casa.
No te estoy pidiendo mucho, solo quiero un pequeño favor.
With solo, you don't always express a limitation, you may just be adding something:
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