If we self manage, is a Traditional LLC necessary for managing our properties?

Yes, it is highly recommended. The reasoning behind using a traditional LLC as an operations LLC is to provide a protected entity as the public face of your business. The traditional LLC will conduct all public activities and you will hold yourself out as the manager of the traditional LLC (not the owner). Because the traditional LLC does not own any assets, if it is litigated against, there will be nothing for the litigant to recover other than the small amount in the bank account.