What is the end to end process to enable Universal Editor on my local machine?

Currently, if I try to create a new block, I need to create a structure ( model, filter, definition ) and push it to my remote. Merge it to my main and start editing on the cloud instance. Once I am done authoring the block, I publish it so that I get the data on my localhost:3000 and make further changes on the design/decoration. But this is too much of a burden to always push things to the remote if I need any change in the content model or make changes to the cloud instance ( if the change is to be made on the authoring of content). 

Now I want to be able to make all these changes on the local machine itself. I like the authoring to happen on my localhost, and the same changes should be served from my local to my localhost:3000. 

I tried to look at many blogs, many articles, but everything is quite incomplete or is written in a way where it is assumed that assumes the reader is already a master of this tech. I am looking for steps/documentation that will explain end to end process of how to set up Universal Editor on localhost. If anyone has set it up, please share your inputs. 

Even if there is a blog that explains this whole process without skipping steps, please share that as well. (And while writing the answer, you might skip a few points, thinking it is basic and everyone already knows this. But please don't skip, that is the real problem. Everyone is skipping steps.