To construct a model of the vertex, cut eight regular octagons from a piece of paper. Mark a vertex on each octagon, and number the octagons (mentally or physically) from $1$ to $8$. Place octagons $1$ and $2$ next to each other so that their marked vertices touch, and they meet along one side. Tape these sides together. Now repeat the process with octagon $3$ and the free edge of octagon $2$ that is incident on the marked vertex. Continue attaching octagons sequentially until all eight octagons are attached in a "chain" around the vertex. You should have a spiraling, triple-ply stack of octagons. With care, you can "unwrap" the three layers, bringing the free edge of octagon $1$ that is incident on the marked vertex next to the free edge of octagon $8$. Tape those together. You now have eight octagons surrounding a single marked vertex.
The total incident angle at this vertex is $\theta = 8 \times \frac{3}{4}\pi = 6\pi$, so the angular defect (a.k.a., the integral of the Gaussian curvature over the entire surface) is $2\pi - \theta = -4\pi$. Since the surface is orientable (edges are identified by orientation-preserving translations) and boundaryless, Gauss-Bonnet says $-4\pi = 2\pi(2 - 2g)$, so the genus is $g = 2$.
As for the universal cover: The octagon itself is a fundamental domain, and each octagon is attached to neighbors along each of its sides. To see how many octagons surround each vertex, draw a small circle around the vertex: Each time the arc hits a side (i.e., leaves the fundamental domain), continue the arc on the opposite side of the octagon. A sketch (or drawing on a physical octagon) should convince you that all eight vertices of the octagon are identified, so there are eight octagons around each vertex of the universal cover.
If you haven't experimented with cone points of incident angle greater than $2\pi$, I recommend taking two paper disks, slit radially, and joining the "top edge" of the slit in one disk to the "bottom edge" of the slit in the other. Laid flat, you have a two-ply disk with (up to) $4\pi$ worth of angle at the vertex. By "sliding the surface over itself" to increase or decrease the incident angle at the vertex, you can make a conventional cone (vertex angle smaller than $2\pi$), or a "saddle cone" with vertex angle greater than $2\pi$.
On a cone with incident angle between $0$ and $\pi$, you can draw a "monogon", a geodesic that bounds a neighborhood of the vertex. On a cone with angle less than $2\pi$, you can draw a "digon", a pair of geodesics that bound a neighborhood of the vertex. One a cone of incident angle greater than $3\pi$, no geodesic triangle encloses the vertex.