(I know Ray knows the stuff below, this is aimed at the OP):
You can use a 3 phase input VFD, and power it off of single phase. You just need to derate the VFD by a factor of 1.73 to account for only a single phase of power.
Or to put it in more useful terms, you need to buy a more powerful VFD to accommodate your 5 HP motor, using the formula of (5 HP)* 1.73 = 8.7 HP.
This doesn't mean you are drawing 8.7HP worth of current. The current max current draw off of 230 V single phase for this inverter is approx I=(5 HP)*(746W/HP)/(230V * 0.85 * 0.85)= 22A (last two 0.85 factors account for the inefficiency of the motor and the VFD). Powering 5 HP off a single phase 230V circuit is doable, and since the VFD is acting as a soft-starter, and limiting the starting surge, it is much less problematic than powering a 5HP cap start-run straight off the same circuit.
http://www.dartcontrols.com/wp-conte...hase-Power.pdf
This is a common practice, and the VFD manufacturers usually provide instructions about doing this.