I think both will go up in value over time and you will see a return if you plan on this being a home you live in for 10+ years.

First question is if I have someone who is planning to rent out a room in the house and have a signed lease agreement can this be used towards the income to purchase the house?

In many such areas, the operating expenses will always outpace income unless you're an expert on such areas and renting to low income, which it's almost impossible to be when investing out of state. 

They are not tax related since unless you elect to be taxed as a c corp (which you should not do here) the income and expenses flow onto your personal tax return 

Other STR related expenses such as electricity and gas are generally more investor friendly and bonus no sales tax in Oregon.- Distinguishably & Scarcity: One challenge (and opportunity) of investing in Oregon is healthy and happy properties.

So let’s say I have a Holding LLC in WY and an Operating LLC in MD where I plan to invest.

I am planning on installing new carpet, countertops and paiting the cabinets right away when purchasing.

I also have an LLC formed in Texas and am planning to transfer my SFR into the LLC for liability protection.Could anyone provide detailed guidance on the steps involved in this process?

This is becoming an expensive lesson...I chose a duplex and closed in the beginning of August 2018.

The most expensive cost for me was the holding time and the stress of possibly raising the house by a foot from the Base Flood Elevation.