It is said taking a break after the first draft is written should be practiced, but you should do what works best for you. If you feel better diving in after you're finished writing, go ahead and edit. If you prefer to wait, then wait.
There are many ways to edit a story. You can print it out and check errors with a red pen. You can read the words out loud. You can do both. You can have the computer's reader read it out loud. You can read one line, fix it, move to the next line. You can work one paragraph at a time. Or you can do all of the above. Some writers save each new version as a separate file. That way they can check their progress. Which methods you use is up to you.
There is no magic number of rounds. Edit until you feel it is as perfect as you can possibly make it. Don't depend on others to do this. Once it is "perfect" then you can pass it to an editor or Beta Reader.
It is better to have more than one Beta Reader or Editor (if you can afford more than one editor). That way you have more suggestions to choose from. Remember, this is your story so ultimately you can make the final choices. Do what's best for your story. Agree or not, it's up to you. But don't take each suggestion lightly. In the end, it really is what's best for the story and you do want it to be the best story you can make. Some writers say 3 is a good number for Betas, some say 7.
Bounce ideas off of other writers. If you don't know something, ask.
Don't throw things away. If something within the story doesn't work, save it for another story. The idea could be a new story starter or work better in another story.
First drafts are almost always crap. Don't get frustrated over it. It happens to everyone. No one will read the first draft anyway so go ahead and write crap. An editing process is an awesome tool made to make the story better. Remember that as you read through it. Move a sentence to a different place, delete, or rewrite it--either way, you can make the story stronger each time you go through it. Stay confident, you CAN get through this!
Take a break when you need it.
The plot, characters, and world within the story are all important. And remember to show, not tell. Some areas are more important so if it doesn't matter to the story that the car was red, it can be left out. Remember POV. Check these things to make sure nothing vital is left out or changed when it wasn't meant to be. Also remember, if you feel confused in the story, so will your reader. These things can be fixed through editing.
No one is perfect
