I believe I can run a 3 phase motor (induction) off 240v single phase, I suppose I will lose some effeciency/speed , torque etc,can you elaborate

You need a phase converter or a VFD, either will convert single phase to 3 phase output and run a 3 phase motor.

Rotary Phase Converter, Static Phase Converter, and CNC Phase Converters - Phase-A-Matic

Ronk Electrical Phase Converters - Run 3 Phase Equipment On Single Phase Power

Variable Frequency Drives - Phase Converter Information

Sizing the converter to handle the HP of the motor you have is critical.