Liquid latex does not need baking.
There are two ways of using liquid latex, and you can do a combination of both on the one puppet if you like.
One way is casting sections of latex skin in a plaster mould. I don't do that much, because when I want that kind of detailed, sculpted surface, I either cast in foam latex or in silicone, but as I said in another post, Richard Swenssen (Bluworm) does this really well and shows how he does it. He builds the puppet up with upholstery foam over the wire armature, pretty much the same as I do, but also sticks latex skin onto it where needed, and blends it all in with more latex applied around the edges.
When I cast in liquid latex, I pour the latex into a plaster mould, and let it stand a while - maybe an hour. The plaster mould absorbs some of the water from the latex near the surface of the mould. Then I pour the latex back into the jar. A layer of thickened latex will cling to the mould. The longer I leave it, the thicker that layer will be. After I drain the excess off, I leave the latex skin in the mould to dry - usually overnight. When it is completely dry, the surface is still tacky, so I dust it with talcum power to prevent it sticking to itself. Then I peel it out of the mould. And I have a latex skin. The only tut I have on liquid latex at my channel is about making a shoe, but it works for masks and hats and "leather" bags and all sorts of things where a thin skin is needed. Here's the process for making the latex shoes: https://www.youtube.com/watch?v=BfwIgSC9Ka8
You'll see much more about making puppets this way at Richard's Bluworm channel - https://www.youtube.com/channel/UC0QR9968O-ITI3sqzzv15IQ He also has a website - http://loneanimator.com/ - and a blog - http://loneanimator.blogspot.com.au/ - which shows a lot of the making process.
The other way is direct build-up, which is what I mostly use it for. I paint the latex on, a little at a time, let it dry (for half an hour, an hour, a couple of hours, it varies), dab some more on, let it dry. This dragon head is an example of that method. Direct build-up, with no moulds being used:
This one is a combination of a mostly foam latex head and build-up body, so I get the detail where I really need it without making a whole big body mould. Actually the thicker tentacles are cast in foam latex, but the thinner ones are built up over wire. And I decided to build up the back of the head with upholstery foam to make it much bigger than I had sculpted it, you can see the grainy texture. At Richard's site you can see his interpretation of the same creature (Cthulhu), using his buildup and cast skin method, and you can see that both work pretty well. And I did cast the wing membranes with liquid latex in a plaster mould, so there is even a little of that.