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large flexible body

Hello,
 
I want to model a system which includes a large body that I want to model as flexible. Are there any efficient ways of doing this? I am asking because I also want to define contacts including said body, making the computations quite time consuming.
 
P.S.
 
The body is actually comprised of various smaller ones which are bolted together. Instead of creating multiple bodies and then fixing them at the bolt locations with joints, I decided to model it as a single body.
 
Thanks,
 
Josef