I'm not sure if many professional architects over the decades were "all in" and owned developed and operated their own project. I know there are examples of one-off dreamers that did so. We have two course that were farmers turned golf developer, one self taught himself dozer and excavator work, and did much of that himself. While it is a well used little country course, it isn't anything to comment on.
Yet, we know that many high profile archies have taken a percentage ownership of a project, either as planned from the beginning, or forced to in order to get the thing done and operating. Last night, I was watching Frank Zeller on TGC-Feherty speak of two courses down the road from his palacial estate, that he has part ownership in, and entertains people there.
I guess if you are a good and actively employed archie, you don't have time to entertain ideas of emersing yourself in your own project for a long haul. And, how many working archie can come up with the sort of $$$ a real first class effort in any viable market, might require? Most of them know that it is the kiss of death to take on traditional debt loads that seem to be too high when applied to a golf development context.
Also, the construction companies have taken ownership positions in their projects from time to time, as is know about Wadsworth and Landscapes, over the years. It seem the same reasons, they need to contribute or delay their payday to keep the thing going long enough to establish so they can finally sell their interests and get out with their skin.