How To Install Android 5 on an LG G Pad 7.0? I have an LG G Pad 7.0 running Android KitKat (4.4.2). Could I update it to Android 5, even though there is no release for the G Pad 7?

I would also by fine with the latest version of CyanogenMod.

Also, I am very new to Android, but is it flexible in the way that you can change the Android version easily, or install another UI?
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"