Capcom I/O give "Jamma I/O board not found"

I have a Capcom I/O that give me this error. I am using a Naomi 1 and a MvC2 cart and a net boot setup. I have adjust the voltage from 4.9 to 5.15 and I still get the error. Out of every 10 try it boot up once. I have use different sub cable and have clean the edge. On my other Capcom I/O it boots all the time. Any ideas?

Well, I finally fix this thing. It turn out to a solder bridge on the underside of the board. Pin 1 and 2 of the SOT-25 step down converter. From what I can tell its been there for awhile (factory maybe?) as the solder is dull like the rest and there is no flux residue. It would always boot on a cold start and fail on multiple reboot.