These proofs can be extremely hard in the beginning but in the end often boil down to - what I like to call - inequality acrobatics!
Most of the times, what you need to find is an expression that is greater than your expression and whose limit you know very well. This is done by changing your given expression to something that holds for larger $N$. What do I mean by that?
Take the example of the inequality, $N^2 > 10N + 20$. You can quickly check by hand and say that the inequality does not really hold for values like $N = 5$ and $N = 10$. In this case, such an inequality holds for $N > 11$ and that is sufficient for us. As $N\rightarrow \infty$, we can ignore the small values and concentrate on what happens after a point.
Returning to your example, the rule of thumb is: if the numerator has a smaller degree than the denominator, then the limit is zero. Thus, we need to prove for all $\varepsilon > 0$, we can pick an $N_0$ such that $$|\frac{N+5}{N^3 - 5}| < \varepsilon$$ for all $N > N_0$.
Now, let us try to figure out what this elusive $N_0$ is.
Notice that for $N > 2$, our fraction is positive! So, we can safely remove the $|\cdot|$ around it if we take our $N_0 > 2$. So, let's do that! Let $N_0 = 3$.
First of all, we look at the inequality $$2N > N + 5$$ which is valid for all $N > 5$. Thus, we have $$\frac{N+5}{N^3 - 5} < \frac{2N}{N^3 - 5}.$$ We can take our $N_0 = 6$ and our inequality would hold.
As we need a bigger fraction, we should try decreasing the denominator. I leave it as an exercise for you that for $N > 3$ (already satisfied by our choice of $N_0 = 6$), the following inequality holds $$\frac{N^3}{2} < N^3 - 5$$
This gives us the string of inequalities that goes $$\frac{N+5}{N^3 - 5} < \frac{2N}{N^3 - 5} < \frac{4}{N^2}$$
The last term is a simplification of $\frac{2N}{N^3/2}$
An exercise, as simple as before, is to see that $$\frac{4}{N^2} < \frac{1}{N}$$ holds for $N > 4$.
After all that strenuous activity, we have the train of inequalities $$\frac{N+5}{N^3 - 5} < \frac{2N}{N^3 - 5} < \frac{4}{N^2} < \frac{1}{N}$$
all of which are valid for $N>6$
And for the grand finale, we need to show, that for a given $\varepsilon >0$, we can find an $N_0$ such that for $N > N_0$, we have $\frac{1}{N} < \varepsilon$. It is indeed true! It even has a name! Basically, you invert $\varepsilon$ and find the next highest integer. Either this or 6 will be the value of our $N_0$. Formally, we write
Given an $\varepsilon >0$, define $N_0 = \max\{6, \frac{1}{\lfloor\varepsilon\rfloor} + 1\}$. Then, we have $$|\frac{N+5}{N^3-5}| < \varepsilon$$
Hope this helps you in understanding the method. The main idea is to remove the "sums" of the form $N^k+a$ and replace them by products of the form $bN^k$ by using inequalities which are valid for some $N > N_0$.