How do you change the timing belt on a 1986 Dodge Lancer and is it a difficult job?

You are asking the hardest question here. First buy a manual to guide you. It says to set the engine at TDC seen through the timing mark window on the tranny. Notice the mark on your cam to the side of the head and the rotor position. These should all remain the same when the new belt is in place. Next remove every belt in order to get to the timing belt. You need a special spanner type wrench to hold and adjust the tensioner pulley. After loosening the pulley take it off an make sure it is smooth rolling. Install in reverse order. Should take you about 3 hours with special tool.