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 I'm currently in the editing stage of a 90,000+ word YA fantasy novel. As I've discussed before, some people love editing and some people hate it. I love it, because it gives me permission to write a crappy first draft and then fix it up later.

I like to think there are four stages in self-editing.

1. Get it into a readable condition. Work out formatting and typographical errors as much as possible, check for obvious plotholes, and eliminate as many inconsistencies as you can. (Examples of Inconsistencies: you changed a character's name or what weapon they carry halfway through book, you changed something that happened in the backstory and need to incorporate that into the first chapters, etc.)

2. Find readers. These should be understanding readers who are willing to give meaningful criticism and answer your questions. It also helps if they a) read very fast, or b) are very patient. Living Example: my mom is an English major, my dad devours fantasy novels like candy, and I have a writing group, a book club, and another trusted writer-friend. (For more objective viewpoints, you might want to consider searching for free beta readers--Goodreads is a good place for that.) They all read at different paces, and they all see different things. 

This is why you absolutely need multiple readers. For example, one friend noticed a plothole I had completely missed, and another offered this description of one of my characters: "he’s the character you take pity on, but you really want to use him for a punching bag. But after you punch him, you feel bad and take him to a doctor."

3. Big revision. This is the time for adding stuff in, rearranging things, filling in plotholes, and adjusting plot and character arcs.

4. Polish it up. Now you can edit line-by-line, changing individual words and making everything shine.