Are you aware of the limitations of such a device?
Do you currently own studio quality monitors/cables/headphones/condenser mics/dynamic mics/blank discs and a computer with editing software to edit and burn to disc?
What stlye of music?
What instruments?
This list goes on and on and on.
----The best advice for you is to use the search icon above and read/also visit the newbie section. If you come to a post prepared, you have a 95% Chance of scoring some good answers and good advice.
That Tascam is a nice unit but doesn't include a cd burner, so you'd have to burn off of a pc. Tascam is good quality, but your recordings will depend on you. You can spend $10,000 and still sound like crap if you don't know what you're doing. Or, you can make a fairly decent quality recording with that Tascam unit, if you do know what you're doing.
Boss makes a couple units around that price range as well. You can also probably find some used highrer end units around that price as well.
Like sirnothingness said, you will want one with a CD burner unless you have a pc to use. And if you have a pc to use already, I would advise recording with that instead. What are you gonna use for your beats and stuff? A lot of guys are gonna want to use software to do all that. If you are too, then you might as well record on a pc. It won't be much more expensive, but you'll get a lot more functionality. Eight tracks gets pretty limiting pretty quick.