How can i lower my PMI or get away from paying PMI?

I bought a house in Las Vegas in October of 2006. I did a 7Yr/ARM, and only put down 6% down payment for $ 251,000, and i’m now paying $ 400 a month on PMI making my mortgage $ 1,800 a month. I’m currently not living in the home but am thinking about renting it out. What can i do to lower it or get out of paying that. Would refinancing to an 80/20 loan do me any good? What can i do to better my situation?

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