We have a yellow lab about 4 years old now. Got him before we had children but from when they were both brought home and forward he's been a constant source of entertainment and love for the both of them. He lets them crawl all over him, pull his hair, ears, tails, occasionally gets an eye gouged from an excited baby and doesn't even acknowledge it. Great family dog, great dog to run with and keep everyone company.
As with any dog, a solid foundation of obedience training as far as the basics are concerned are crucial but labs excel at that and much more. Aside from that, as long as you have something for him to retrieve he'll be happy as a clam. The biggest thing I've noticed is that they absolutely thrive on approval and praise. Its what makes them tick. They can be a handful form time to time, but again, their whole goal in life is to please. As long as you and the family give him an hour or two of fetch a day, a good walk or run, he'll be easy to do anything with.
I say take him in, give it a couple weeks and you'll have a loyal, irreplaceable family member.