It's a Camogram (the target is hidden). You'll have to guess the phrase and start changing letters. Pay close attention to the number on the right, which represents the current "distance" to the target word.
IMPORTANT: "Distance" refers to literal (letter) changes; it does not consider whether a change would make a valid word. Use the distance value to figure out which letters are (or are not) in the target word.
This puzzle is a Zygogram, which is made entirely of compound words. Instead of changing letters, you're dealing with word