If you have the option for a 2nd room to use as a control room, then use it.
Otherwise, you can do everything in one room. But it's important to put up acoustic treatment...bass traps, diffusers, absorbers, etc.
It's a little more tricky to set it up appropriately for both tracking and mixing.
Ideally (for mixing) you'll want to put some 4" thick bass traps in the corners. Maye some diffusers and/or absorbers on the rear wall. You'll also want absorbers on the left and right walls where you'll be mixing and more behind the monitors on the front wall.
I'm not an acoustic expert but you can read an article written by one here:
http://www.ethanwiner.com/acoustics.html
And also post questions here:
https://homerecording.com/bbs/forumdisplay.php?f=20
Also, if your computer is noisy you may want to invest in some extension cables and get it out of the room. You'll want to eliminate as much noise as possible.
And for tracking purposes, you may want to get a set of Auralex foam and put it up on the walls.
Room treatment will probably be your best investment and it costs less than most recording gear.
