Pay off PMI or save for a rental?

[Garrett F Anderson]

I purchased a house in a neighborhood with a strong rental market. I bought the house with an FHA loan so there is PMI on top of my mortgage payment. If I were to move, it wouldn't make sense to rent out the house because the CF would be negative. Without the PMI, it would CF around $200 (estimated) and that includes taking out money for all expenses (capex, management, taxes, vacancy, etc.). I don't plan on moving out soon but as I am starting to earn money I am faced with the question:

Should I use my excess money to pay off my house quicker until the PMI is gone and save on my monthly mortgage payment, then eventually I can move out and turn it into a rental

or

should I save that money for a down payment on my first rental and continue paying my current mortgage?

Thank you for your time!