@James Fulmer that is an awesome idea that I suggest to almost everyone getting started with investing.Welcome to BP, there is lots of info here that will educate you on selecting a duplex that meets your personal and financial needs.What part of NC will you be relocating to?

However, they talked about Asset Protection and how we have to buy real estate on the LLC rather than on your own name.

I was recently approached by an investor I know to make a short term cash investment to help him obtain a property. He's offering me a very aggressive rate for a 3-6 mos loan. The plan is, I will be on title as an o...

Your parents already own a home, and you currently live with them, you seem close to them and you know better than anyone else what their financial situation is like.

I did something similar, after a long career in something unrelated to real estate and only after I had some experience like you in acquiring rental properties, some property management experience, I realized that if I devoted more attention to it I could accelerate my growth, get financial freedom and be fine.  

...with better protection against economic downturns and other losses?

I dont know if there is a non-disclosure agreement, or another legal document needed to barr this kind of action, that I would need to protect my (and my mothers) property.

I got out of active duty military and proceeded to my dreams of working real estate and eventually investing into real estate when the time comes financially.

As an investor, how do you protect against that sort of scenario?

I've been reading the books, attending RE seminars, and learning how to financially analyze deals.