Payoff 20% and PMI quickly versus investing in a new rental

[Patrick Lim]

If you were househacking and your rental income covered your mortgage (which includes a $400 PMI), would you quickly payoff 20% of the loan to eliminate the PMI (saving you $4800 annually) versus buying out of state turnkey properties for $20k out of pocket (downpayment + closing costs) that cashflow roughly 200-300 a month then refi.

it will take 5 years to pay down 20% of the mortgage @ $20000 a year.

i am thinking that (ideally) biting the bullet for $4800 annual PMI payments will be offset on the 2nd year when you have bought the 2nd turnkey property and cash flowing $400-600 + appreciation.

What would you choose?