I would like to thank everyone for the awesome welcome and for your inputs. After looking at some pics on the net, I do agree with ob, my octo is probably a abdopus aculeatus. I tried surfing google to find some detailed info on the species, however, I haven't had much luck. Anyone here ever kept one before or know if they have any unusual care requirements? Right now I am housing Spark in a 12 gallon Aquapod (he's still pretty small; head is about half the size of my thumb) and he seems pretty content. I'll list my tank parameters so you guys can look it over and point out any possible problems.
Temperature-80-82 degrees fahrenheit
SG-1.024
PH-8.0
Nitrates-10PPM
Ammonia, nitrite,and phosphates are undetectable.
I don't have room for a skimmer (not even the Fission Nano) so I am replacing carbon and doing 50% water changes weekly. Everything seems to be going good so far. He's eating great and out during both the night and day. I've had him for a little over a month.