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Material / Texture LOD ?

Is there a way to work with textures / materials same as mesh lod’s ?

Textures already have LODs. It is called Mipmap.
You can assign more lightweight version of your material to lower mesh LODs.
You can also use dynamic flow control in the shader, but the cases, where it would prove useful, are quite limited.

Just to check, doesn’t the Mipmap method uses 1 overall texture size and down samples at distance ? What I want to achieve is parts of a texture that will still be visible the further away the camera gets, so I guess a flow control (if that’s what you mean), blending between different size textures.

Nope.

Quote from the first line of the link in my previous post:

Luckily, UE4 generates MIPs for you, so you do not need to care about it.
Additionally, streaming system tries to keep only relevant mips in memory.