Steve, Alan and Joshua have some good points here. If your desire is to franchise, you almost certainly have to go with a 301 redirect to the site you wish to brand with. You also don't want those typing in that brand to end up on a site where the URL is AustinFitnessGyms.com on a lot of levels.
But, you are going to have to be very careful with what you do or you will have a real problem on your hands. As it is now, you are redirecting the MMA site to the Austin Fitness site. When you have the 301's already set, if you go into MMA and set new ones you are going to create an endless loop and your pages may not show. This is a pain to deal with so take it one step at a time.
As a franchisor, if you had two locations, you could just keep the Austin Fitness and use the other location for inclusion in your Franchise Offering Circular. If you are selling franchises it will be hard to do so without a proven product so leaving it as Austin Fitness will be hard. You probably need to insure the signage, etc. is all MMA. You could start a new site, but that will likely not solve the problem and you will have to build links for it.
When you did the 301 from MMAsite to Fitness site did you do every url and did you use the .htaccess file? The reason I ask is that when you put in the www.impactMMAFitness.com and the non www of impactMMAfitness.com it returns two different results in OSE.
My suggestion is this: Choose to reverse the way you have the 301 and do it methodically. First, take the 301's off of any of the ImpactMMAFitness.com (check each url as Screaming Frog does not show each having a 301). After you do that, resubmit the site map to Google. Then, go into the .htaccess file of the AustinFitnessGyms.com site and use a 301 on each url to the respective url on ImpactMMAFitness.com) also go into Google and select a prefered site for ImpactMMAFitness.com - www. or non www. Make sure you have done the same on AustinFitnessGyms.com, so that either iteration redirects the juice to the Impact site.
Once you do that, resubmit the sitemap to the engines. I believe, this will fix the error of choosing a domain that was best at the time. For your local, you leave it the same as it will end up on the main site. You should also look at the rules around franchising and the Internet when it comes to marketing. Think of someone having a location in San Antonio or even San Marcus and their being a conflict of borders.
Hope this helps. Please remember when you redirect from the Austin to the MMA, if you have not taken the 301's off of Austin it will likely bite you in the butt.