What’s better for investment purposes? Buying houses/townhouses? Or just buying land?

I just recently bought my first townhouse, using it as my primary residence. I’m going to rent out the two rooms upstairs, while taking the nearly-finished basement as my own room. After I get my taxes back from my first year’s payments, I would like to buy another property so I can take advantage of the tax break on the mortgage interest for two properties. OR I can buy it, fix it up, and sell it again for a quick profit.

Any ideas? I don’t want to be naive about these things.

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