We are thinking of taking in a neglected chocolate lab, what would you do if you were in our shoes???

Ugh poor guy I would take him in personally. You should too just supervise him inside. Might want to try and crate train him, although that might be stressful for an older, neglected dog. An old dog can learn new tricks just train him, correct bad behavior and reward good behavior. Should be easier since he's probably less energetic. I'm sure you could give him a good home for his senior years.