Stickman, take off the wheels. beat the bearing buddy back & forth with a BFH and a wood block. It's in the bearing buddy instructions on their web page.
After the bearing buddy tips back & forth a couple of times it can be removed.

Hit the bearing buddy on an edge with a hammer. Use a towel to protect the wheel.

+1, that's what i read in my dexter manual as well and have done the same on my axles...

With the tire still on the hub and the trailer jacked up ... spin the tire while taping on the outer edge of the bearing buddy with a plastic mallit.

I just sinch it tight to seat the bearing.. not really a preload here just to make sure its seating all the way on the races, then undo it and spin the nut in by hand until there is a slight drag, back off slightly just at the point where the drag almost stops and safety the nut with the cotter pin, make sure the cotter pin does not hit the bearing cap when you put it on. You do enough of them you kind of get a feel for it, i can tell if its too loose now by grabbing the wheel and moving it side to side feeling the play in the bearing. Normally you want just a tiny almost un-noticable bit of play.

I always snug (finger tight) the nut up to the outside washer and put the pin in. Run it for a few miles and then snug it up again. That way the bearing can seat real well before the final torque (finger tight).