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Multiple qualities for same model?

I am trying to create a small open world game. I have looked this up to no avial. To speed up rendering, I would like to have multiple qualities of each model so that from afar the model uses less polygons and other details but close up it becomes higher quality. Is there a way to incorporate this into the models themself (1 model, muiltiple qualities) or would I have to build separate models (muiltiple models and qualities) and manually switch it with som3 sort of programming?

There is automatic LOD creation tool inside static mesh editor.