color coding is great!
Two things, @Trudy_A_Karlson, there is developmental editing, that goes to the core of your content, and style/line editing. Do those separately!
When line editing, you concentrate on one specific thing line by line, say adverbs or passive voice … so I use color codes here to mark these, then in the next round, I have Dabble at my side making the corrections and changes.
If I notice plot holes, there should be a nice dialogue, this is rubbish type of things on the fly, I make a note, but I only work on that in a different run through.
Also, I go scene by scene, so my first scenes are perfect and the rest is gradually more trashy . BUT, I get more motivated seeing how the first few scenes have improved, so I am less frustrated the further I get, not the other way round .