Hi,
Failover is not supported with dynamic IP.
If you are looking for Standard Failover setup(stateful not supported) with ASA5505, then you need to have Security Plus license installed on both ASAs.
http://www.cisco.com/c/en/us/td/docs/security/asa/asa72/configuration/guide/conf_gd/specs.pdf
Use the below link to configure the Active/Standby Failvover :
http://www.cisco.com/c/en/us/td/docs/security/asa/asa82/configuration/guide/config/ha_active_standby.html
Rate if it helps!.
Regards,
Akshay Rastogi