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Is this common or practical to be both the developer and the architect?
No and it depends
Not common, but if you're an architect and the developer consider yourself fortunate. There is nothing more rewarding than harvesting the fruits of your own labour. On the down side, you will also carry the burden of the development risk.
I was hired by a real estate development company as a revit draftsman. It looks like the $ is more rewarding than at an architecture firm...
Veuxx: look at Jonathan Segal - this is precisely his jam. I've watched him speak and give interviews outlining his process. it's compelling, if not too good to be true, stuff. here's an interview he did with Enoch Sears.
Note that Jonathan Segal suggests that others who wish to follow in his path do not become licensed due to the increased liability.