SF converted to MF: a viable stategy for MF?

[Bryan Huntington]

I am looking for a multifamily property but the picking are slim in my area and the numbers just don't work for what is available.  Instead of looking for multifamily specifically I am toying with the idea of purchasing a single family and then converting it to multifamily.  Getting a SF with an unfinished basement and turning it into a basement apartment for example.  I just wanted to get a general feel for this strategy.  Is there anyone out there intentionally and consistently doing this with success?  I'd love to hear about success stories, failures, pitfalls etc. What kind of hidden obstacles are there  such as zoning restrictions?