I have a 16-week old lab puppy and a 7yo lab, both from the same breeder.
Labradors are walking dustbins. They eat anything and everything, they steal food, they are driven by an inbuilt desire to seek food. If you've ever had a picnic ruined by a thieving dog it was probably a lab. Bear this in mind AT ALL TIMES!!!!! Don't leave food lying around at home. Labs can climb/jump pretty high to get at food; our pup can already reach the edge of the kitchen workshops and can open the flip-top bin to get the scraps out
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Certain foods are toxic to dogs: grapes and raisins are the big no-nos (some dogs, including ours, are ok with them as I found out unintentionally, but they can cause kidney failure so the advice is to keep them away from dogs).
Both our labs, lovely though they are, will take food out of a child's hand without a second thought.
Food stolen in this way often bounces back up, and often pretty much immediately!
Labs love to carry things around (they are retrievers) so yes, get hundreds of chew toys and hide all shoes, as BodyofEyeore says 
Labs chew and chew when they are puppies. Never never never let them have an old shoe as a toy; they won't be able to differentiate between "their" shoe and your Louboutins.
They are easy to housetrain but they won't be able to go all night without weeing/pooing for ages yet so invest in some puppy pads or use old newspaper on the kitchen floor or in the crate.
Don't let the puppy upstairs!!
Exercise little and often to start with.
Don't leave the pup alone during the day for more than 3 hours at a time, and don't do this every day. Puppies need company.
Choose which commands you are going to teach (sit, down, leave, come etc) and make sure everyone uses the same commands and tone of voice when issuing those commands. Praise like hell when the command is obeyed, even if it takes 10 minutes to get there! Labs generally want to please you and love being trained IME (I've had 4 and am friends with a lady who breeds labs for a living).
Don't be afraid to ask the breeder for advice on an ongoing basis. Yours sounds very responsible. I'm wondering if our pups are siblings...?!
Labs are wonderful and I'm sure you'll be best friends in no time 