Convert FROM single family rent to duplex?

[Julie Phan]

Hi guys. Im new to BP. Im currently purchasing a single family home in Iowa. It has 3 bedrooms up stair with kitchen and 1 full bath. Down stair has a 1 bedroom, full bath, an extended space with small window, a fire place,a kitchen sink, and a separate access on the side of the basement. I dont know whether or not we should just leave it the way it is and rent it out or convert to a upper and lower floor duplex and rent them separately by adding another bedroom,and kitchen? What are the requirements to convert from single family home to a duplex? What are the pros and cons to consider? Any thoughts? Thanks