To be perfectly honest I'm not sure.

I have had "perfect" on paper tenants who have been horrible.

Some areas you can get away with an addition in the back of a home to add a bed/bath or expand a master and make a master suite bathroom, etc.  

Fix soft spots in floors (3/4" osb)  Windows - caulk and plexie glass, Roof - rubber, if exterior is trashed new siding on ferring strips, and white paint interior, carpet (no pad just glue).Make sure 3 things work perfectly: electrical (may need to update), plumbing (pex lines with heat tape wrapped in pipe insulation, and furnace (don't slack on this).These tenants want to move and thins to work. 

Perfect storm coming?

Unfortunately banks only caluculate 75% of rental income to protect themselves even if you show a perfect scenario with zero vacancies and new construction.  

I currently own a home that I used a va loan to buy in feb 14, so I have had it for a year I found a perfect 8 unit investment opportunity with 7 units already rents and they are asking 190k.

This is exactly what I was looking for and makes perfect sense.

I am currently partnering with a 50/50 investor on 3 flips and am trying to get away from that.  50% is better than nothing I assume but if they are just putting up money, why go with the 50/50 deal if you can get 8%?

That would be a perfect world, but there are costs and likely a few if not some repairs that can be done/need to be done on almost any home.