The first step is to look at the text like a detective. Often we read through text very quickly and miss key details. Slow down and look closely at what the text actually says. Here are some ways to help you observe the text.

Let's look at each step.

This is a rather obvious step, but many miss this. Take time to read the text slowly, noting anything peculiar, repeated words, or questions that you have.

Read the text again, but in a different translation. I (Scott) recommend reading
A. English Standard Version (ESV) - a translation that tries to translate word for word and keep the grammatical structure of the original text.
B. New International Version (NIV) - this is a thought for though translation that makes the text easier to read.
C.  New Living Translation (NLT) - this version is a paragraph that tries to replicate the mean of the original using modern words so that the text has the same impact on the reader as the earliest text.

Tool: Bible Hub 
Consider comparing the first 3 versions that are listed right at the top

Ask the five journalistic questions: who, what, where, when, why, how?

Look for the logic within the text by highlighting the verse. Here is an example of an outline
of Matthew 28:18-19 "19 Go, therefore, and make disciples of all nations, baptizing them in the name of the Father and of the Son and of the Holy Spirit, 20 teaching them to observe everything I have commanded you."

Therefore (transition)
I. Go (first verb)
A. Make disciples (tells why we should go)
1.of all nations (tells us who should be disciples)
B. Baptizing (tells us how to make disciples)
1. Them (who, referring to everyone)
2. In the name of the Father, Son, and Holy Spirit (tells how to baptize)
C. Teaching (tells us how to make disciples)
1. them (who, referring to everyone)
2. to observe
a. Everything (tells how much to observe)
b. I have commanded you (tells what to observe)

Now that we have a collection of observations and questions, we can now go about answering those questions. I recommend the following steps

First, get an overview of the book. The best tools to do this are the Bible Project and the introductions to each book from the NIV study Bible.
Next, you will want to look at the first part

Ask when in time this passage takes place and to whom it was written.

The Bible has 4 major parts: Creation, Disruption, Redemption, Restoration. Plot your passage on their plot. Also see if there is a biblical topic like kingship, covenant, sin, priest, blood etc that your passage contributes you. Trace these themes throughout the Bible and see how the passage you are studying contributes to the theme.

Part of interpreting a passage is seeing how the passage contributes to other biblical teaching also known as systematic theology. Ask the following quesitons.

When applying the Bible ask about 3 relationships: your relationship to others, your relationship to God, and your relationship to yourself.