I let my manuscript site a month between first draft and starting edits. It helped give me distance from the story so that I could have a fresh perspective and identify what needed to be worked on. It was read through once for consistency.
When I was ready to edit, I split the manuscript into chapter files, so that I was only concentrating on a minor part of the whole draft at a time. Draft 2 and 3 were done this way (once to add depth, once to cut fluff). Draft 4, which is what I’m on now, has all the chapters combined so that I can make sure every plot element gets pulled throughout the novel and I can modify starting place and follow-through in case I want to change out how it plays out.
One more compete read-through, with edits, is my goal for Draft 5, which hopefully will be the last.