You don't really get any asset protection or liability reduction benefits, but having a proper business entity that you can get business checking accounts with, etc can help out on some aspects.

That is what will break the asset protection or company veil, it is also what will create conflict or lawsuits between members.

Parent child LLC setup is good setup for asset protection or not ?

You would use an LLC for asset protection or combine the two and get both.  

You can see if H&R Block still has something they used to call “audit protection” or insurance or some such.

But from what they have told me:Protection is the sameTax benefits are the sameI could be completely wrong, and I accept that; I haven't personally taken the time to read through case-law for the asset-protection or the IRS tax codes.Adam Adams

If cost is purely the issue, there are at least 8 to 11 states where an LLC could be set up at a lower cost than that of California for instance but they may not offer a similar protection or other benefits as in Wyoming and Nevada.

So, if I get it under my name, do I still get asset protection or tax breaks?

The folks that are qualified to give you specific advice about your specific situation are asset protection or real estate attorneys.  

It can be accomplished through notes, but then you have no inflation protection or value increase.Here is my solution.I hold about $1.5 million in notes, yielding me 19% per year, or about $285,000. per year.I hold about $2 million in real estate, with mortgages of $1.2 million.