Do i set the equation up like this and then multiply the 2 on everything?

No no need to  take out the 2 
You can factor this by using the ac method

2x^2 + 3x - 5 = 0

multiplying the first and last coefficients 2 * -5 = -10
Now we want to get 2 factors of -10  which will give us  +3 when added:-
+5 and -2  seem ok so we write:-

2x^2 - 2x + 5x - 5 = 0

2x(x - 1) + 5 (x - 1) =0

(2x + 5)(x - 1) = 0

Solution is   x = -5/2  and x = 1