Who file taxes?

Do your SMLLC as owner of properties, and your PM LLC file taxes?  Or they are disregarded entity?  I assume your Realty Trust file taxes separately? 

Even assuming the individual owner and SMLLC are not separate, I think PM LLC could be a separate entity.  If you can hand the PM task to ACME Property Managment Co owned by a complete different person,  why can't you hand PM task to your own PM LLC, which I assume is independent entity? 

I think your understanding of your accountant is not complete.  I have no answer for you, just questions for your accoutant.