Renting out Single Family Home as "Duplex"?

[Anna Rynders]

I am in the process of searching for an investment property. Unfortunately, the area I desire to find a multi-family property in has both a low/nonexistent supply or everything is way more expensive than I currently qualify. I am tossing around the idea of purchasing a single family home and renting out a fully equipped basement, essentially as a "duplex." We would live there for two years and then move on to another investment property. The idea would be to then rent out the portion we move out of, so that there are two separate tenants in two separate units. Is this possible? I understand that utilities would not be split, etc., but is this something that we would legally be able to do if we no longer live in it? For reference, this would be in the western suburbs of the Twin Cities. 

Thank you in advance for any guidance or knowledge!