I'm not sure I would label this result "saving money" for your client, and I'm not sure I would brag about it.

Would love cash flow, of course, but if I could at least break even on a highly appreciating property, I'd be happy with that. 

if you don't have enough cash for a down payment... save up until you do

Top 3 reasons owners hire PMCs:1) No time to manage correctly2) No time to learn how to manage correcly: laws, documents, processes, etc.3) They're too nice and need someone to "save them from themselves"A good PMC can usually earn their fees by better managing the property/tenant than the owner, thereby:1) Increasing owners net profit2) Decreasing owner's time commitment, stress, headaches, etc.No matter what though, you should always plan to commit a couple of hours a month to manage your PMC.

However, chances of making a mistake or overlooking an opportunity to save are higher when it comes to rentals.The dilemma is whether it's worth paying a professional in this case.

If that means renting out part of your residence, that's great for cash flow and experience. 

Then compare that to what you’d net by listing it as-is—factoring in the time you save and the carrying costs you avoid by not renovating.It might seem straightforward, but once you dive into the numbers, the difference between renovating versus selling as-is can be surprising.

What are the pros and cons of each, and which offers the least restrictions, flexibility and cost savings for my intended purposes?

This would defeat the triple tax savings @Kaaren Hall described above.

I use it for expense tracking (which is great) and have been transitioning to rent collection/cash management.