No oil filter, they use just a screen. Drain it and refill to specs. You will want to look up or pick up the owners manual for an 86 online.
Here is the link to download it from Honda, you just need your serial number to determine the correct one. It is located on the transom bracket. It will tell you the quantity and type of oil to buy.
https://marine.honda.com/support/manuals/models/BF8
Since you have never owned one before and the vintage of that motor, I recommend the following:
1. Inspect the fuel lines, replace as needed.
2. Inspect spark plugs, replace as needed.
3. Replace the lower unit fluid. If you find water, its time for a seal job or determine where the leak is coming from.
4. Replace any inline fuel filter under the cowling
5. Inspect the belt on the motor, replace if you notice cracking or flecks of black rubber on top of the motor.
6. Drop the lower unit and replace the impeller and if necessary the housing.
I am not saying you have to do all of those things, but since it is a new to you motor, I have found that you can't take a mans word for the "last time" it was updated or serviced. Start your own service history, its piece of mind and best for the motor. Just....maybe not your wallet.
Here is the link to the parts for your motor:
https://www.boats.net/catalog/honda...997/bf8ah-sa-vin-bacs-1000001-to-bacs-1099999