A webmaster is a person who owns a website, while a web-developer is a person who designs/codes for a website. A single person can also be both a webmaster and a web-developer at the same time.
I am both, I own websites that I have designed and have also designed for others
There is not really any problems with management of both but all I would say is make sure you keep track of any sites you design so you can keep track of them on the Web
A webmaster is a person who owns a website, while a web-developer is a person who designs/codes for a website. A single person can also be both a webmaster and a web-developer at the same time.
Just want to add few things to your point. A webmaster is not only a person who owns a website but also a person who runs a website. Anybody can own a website by spending some money but webmaster has the capability to master a site and run it in fruitful fashion.