How To Install Android 5 on an LG G Pad 7.0?
Yes, it is relatively easy (compared to apple). The basic steps you will have to take are as follows:


Unlock the bootloader, can vary massively in difficulty by device, depending on how irritating your manufacturer's being. This will wipe all your data, but theoretically is the last time you ever have to wipe your data.
Install a custom rom of your choice


In order to find more concise tutorials, explaining step by step, do a google search for "lg g pad 7.0 (LTE?) bootloader unlock"