Apart from using VMWare, which has licensing restrictions, you may consider using a docker image.
Yasutaka Nishimura has a great GitHub repo here nishi2go/maximo-docker: IBM Maximo Asset Management V7.6 Docker Repository (github.com) that can help you create a Maximo Docker image.
If you have questions about doing this I am happy to answer your questions.
For MAS 8 there currently isn't a great stand alone developer solution. The best I have found is using Digital Ocean, but the costs are still about $800/month for sufficient hardware and storage to run the infrastructure. But, if you are interested I have a three part step by step series on doing the install on our blog here: Sharptree | Blog | MAS 8: Installing OKD
- Jason