These loans are a lot more flexible than "conventional" loans.

Also, the property is under my personal name, so, can I change that later to an LLC, or does it have to remain in my name forever? 

The agency provides the staffing and the landlord remains hands off....except for themodifications that need to be made up front.

Just the cash out on my existing would be around 1K monthly and still leave me way short to aquire the property.Potential Property Sale Price: 85k (120K Market value)Existing Renter: $1200/monthAvailable Cash out: 30KRate: 8% + taxes/fees: 950/monthMortgage remaining 55K: ??

This would give you a bit more flexibility. 

I don't mind my job as a CFP® working for a large investment firm however my goal is early financial freedom through the flexibility that real estate can give you through passive income, BRRRR strategies, 1031 exchanges and all the other amazing things that real estate has to offer. 

As you asked regarding working with a broker,  I would say it's depends how familiar with real estate you are, if you need some basic information how to find a good deal in this specific area is better to work with a broker but if you are able to analyze a deal or you work with an experienced investor then is better to work straight with listing agent or seller as you are more flexible with negotiations and information, also then some listing agents are more likely preffering to work with the buyer by them self because they getting more commision of sale.Just my opinion......

That you are converting the space and that you also plan on rent increases to stay competitively priced.After that, it's up to the tenant to decide if they wish to remain.

Assuming the only adjustment to basis was for depreciation, there would be a gain of $1,615,750 ($2 million less remaining basis of $384,250), taxed as follows:$19,583 (the excess of $915,750 depreciation claimed over $896,167 that would have been allowable using straight-line depreciation) would be taxed as ordinary income;$896,167 (the depreciation that isn't recaptured as ordinary income) would be taxed at a rate of 25%;$700,000 (total gain—$1,615,750 less $915,750 ($896,167 + $19,583) would be taxed at a rate of 15

These loans are a lot more flexible than "conventional" loans.