1) Highlight anything that strikes you as interesting while you're reading the text. Don't over-highlight - really just the sentences that strike you the hardest.
2) Transcribe your highlighted notes to note cards. While you're transcribing, make a note of any general themes that you're noticing on a separate piece of paper.
3) Go back through your note cards. Write their theme on the back, then separate them into piles based on theme.
4) Go through each theme. Write down what your thoughts are on that theme, then organize the cards into a flow that coherently forms an argument based on your thoughts.
5) Organize your themes into a coherent flow that builds to a full-fledged argument. Now you know what your hypothesis is.
6) Write an outline based on your note cards and separate notes.
7) Now write your paper. It should be easy, because you have all your evidence at hand and you know exactly how you want to make your argument.