I have been involved in a few greyhound syndicates and whilst they were fun, certainly almost impossible to make a profit that way. It also frustrated me that I didn't have a lot of say in the dogs.
Therefore a mate and I bought pups and have watched them grow up from a young age. We don't rear them on our property (they are at a rearing property in SA), but we generally make an effort to visit them every fortnight to walk them and put a bit of work into them. They are now a fortnight away from being broken in and the really exciting (nervous) time is about to hit. We can name our own pups (something you often can't do in syndicate dogs) and am in the process of sussing trainers out. This has been a very rewarding process for us, and if any make it to the track I'm sure there will be a few tears during their first run, and even moreso if they happen to win.
In recommending buying pups, it certainly isn't for making a profit. We would have spent around 7k per pup by the time they hit the track (if they do at all) and that means each one would have to win 14k in prizemoney as the trainers often take 50% of any winnings. If you want to make any money at all in owning a greyhound, i suggest you buy yourself a quality broodbitch. 2 of our pups are beautifully bred bitches with the hope one day they will become broodys for us. This process will likely cost more up front, but if you get a good litter of pups you can generally sell them for at least 1-2k each. There are risks in anything involved in greyhound racing, so a broody doesn't guarantee a profit (they could have a small litter) its probably the best way to go in the greyhound industry. It would mean, however, that you wouldn't necesarilly have any dogs racing.
It really depends which order you prioritise what you are looking to get from the greyhound industry.
A good night out with mates while you watch your dog(s) go around - syndicate. Little chance of making much of a profit.
You want to take full ownership of rearing and racing your greyhound - your own dog(s). Slight chance of making a profit.
You don't care so much about the racing but have money to spend up front in hope of making a profit - broody. Average chance of making a profit.