(I used method 2 to root)
I downloaded the latest awifi twrp 220.127.116.11 and flashed using flashify.
I tested TWRP by backing up the current rom and wiping and restoring it (works perfectly)
So far I have tried to flash a cyanogenmod snapshot CM11 M9 for the v500 and it fails as it says in the title claiming the device is a palman or afaik a v510.
I checked the software/hardware sections of the device and its listed as a LG-V500 & V50010a.
It's definitely not a GPE stock rom as it came loaded with tons of LG stuff.
Build number : JDQ39B
Android : 4.2.2
Kernel : 3.4.0