Its not so bad - however you will need the proper puller and small race tool (if the bearing separates).
They can be rented at a parts store relatively cheap.
Here is the procedure so you can determine your abilities...
The wheel bearings are only removed if they are worn. They cannot be
removed without destroying them (due to side thrust created by the
bearing puller). They are not periodically disassembled, repacked and
adjusted.
Remove the wheel and support the car. Remove the attaching
bolts and remove and suspend the brake caliper, hanging it from the
body so as to avoid putting stress on the brake line.
Remove the setscrew with an Allen wrench. Pull off the brake disc and pry off the dust cover with a small prybar.
Using a chisel, knock the tab on the collar nut away from the shaft. Unscrew and discard the nut.
Pull off the bearing with a puller set such as 31 2 101/102/104
and discard it. On the M3, use a puller set such as 31 2 102/105/106.
On the M3, install the main bracket of the puller with 3 wheel bolts.
If the inside bearing inner race remains on the stub axle, unbolt
and remove the dust guard. Bend back the inner dust guard and pull the
inner race off with a special tool capable of getting under the race
(BMW 00 7 500 and 33 1 309 or equivalent). Reinstall the dust guard.
To install:
If the dust guard has been removed, install a new one. Install a
special tool (BMW 31 2 120 or equivalent; on M3, use 31 2 110 or
equivalent) over the stub axle and screw it in for the entire length of
the guide sleeve's threads. Press the bearing on.
Reverse the remaining removal procedures to install the disc and
caliper. Torque the wheel hub collar nut to 210 ft. lbs. (290 Nm). Lock
the collar nut by bending over the tab.
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