Get root and then install the Xposed framework:
And then the MoDaCo Toolkit:
Once everything is installed, and the MoDaCo module is activated inside Xposed framework (you need to go back into it once it's installed and running and do this), you can then enable multi-users in MoDaCo (as well as many, many other hacks - BE CAREFUL!).
After a reboot, go into your Android settings and there will be a "Users" section. Enjoy!
This all works perfectly on my Son's similarly cheap Ondo V701s. I have the primary account (which gets root access and other goodies), he gets a pared-down desktop with mostly games.
One thing to note; my "Onda Desktop" refused to function on the second user's account and I installed Nova, removed the default launcher. I'm guessing other Chinese tablet manufacturer's will have similarly flakey custom launchers. The Standard Android 4.4 launcher also works well (I briefly played with GoogleHome.apk v0.9.6.886092).