Go to the BP_MasterProjectile and create a new variable called Bleed Damage and set the variable type to Integer and tick Instance Editable.

create a new variable called TickTime and set the variable type to Float and tick Instance Editable.

create a new variable called BleedLength and set the variable type to Float and tick Instance Editable.

create a new variable called DoBleedDamage and set the variable type to Boolean and tick Instance Editable.

Next go to the location shown in the image below and add the highlighted nodes, location at top of screenshot.

Copy videos below, locations at top of videos.

Next go to the function shown below and create a new Local Variable called DoBleed and set it to a Boolean then copy the images below.