I'd advocate AGAINST owning either and thinking it's just going to be some passive income stream that you sit back and collect as investors. Real estate & small businesses often pay great returns because they are essentially second jobs in addition to requiring a nice chunk of capital.
When you own real estate you're a landlord -- finding tenants, resolving disputes and complaints, collections work for tenants who pay late, handyman, organizing repairs, home services (depending on the unit type, you could be mowing yards, plowing snow, etc.), evictions, etc.. If you don't do this yourself, property managers & real estate agents eat a good chunk of the profit. If you don't do this at all, you'll get sued and find yourself in foreclosure when nobody is paying rent and you can't cover the mortgage anymore.
When you own a small business you deal with staffing, theft, resolving disputes & complaints, overseeing operations, management of employees, etc.. If you don't do this yourself, store managers eat a good chunk of the profit. If you don't do this at all, people rob you blind and/or create such a poor customer service experience you lose your customers and your business fails.
No offense, you're also a bit capital poor for either investment...a $30-50k cushion is nothing in running a small business...most chain franchises require at least $1M in excess capital on top of the purchase price to buy into a known chain so that you can stomach a bad business cycle. A roof repair or the legal fees from a "I found a roach in my sub" lawsuit from a customer would wipe you out. I see so many people near retirement who buy restaurants or other "fun" small businesses thinking it's a golden goose and then mortgage their home, etc to the max while asking their kids to work at the business (for free) until the credit lines run dry and they declare bankruptcy...please don't do this to yourself.
If you want passive income, continue investing in the stock market.
If you still won't listen, I'd advocate going with the business idea near you. A property 1000 miles away reeks of disaster waiting to happen. Do you plan to fly out there anytime there is a complaint? What would you do if the property manager (assuming you have to get one...no way you're going to oversee the property yourself daily) quits on your?