Definition of bleeding a project

in new construction, overstating expenses and fees so as to divert a larger than normal amount of the project costs to the developer's profit.
Example: Bugsy's girl, Virginia, was bleeding the Flamingo project while putting millions aside in a Swiss bank account.

managing an existing piece of real estate so as to obtain the highest possible current income from it, to the extent that many normal operating expenses are forgone. Usually this results in rapid deterioration and loss of property value.
Example: Maurice owns an apartment building. Instead of keeping it up, he bleeds the project by pocketing the money that would normally be used to pay for maintenance, etc.