How can i recreate the following serif font effect given in the image in illustrator?
To expand on joojaa's answer...
Right-Click or CTRL + Click on your text and
Then, you want to offset your path
Play with your settings
I've colored my result in yellow, so you can see the newly created objects
Delete the paths that you no longer want
For future reference, this site works more as an "I've tried _____ and I'm having trouble with _____" kind of site, rather than a "Someone show me how to _____" site.