Angie, your question is such a good one and I think that everyone who plans to get a Labradoodle should ask the same question and look at the answers very carefully.
Labradoodles are being touted as "designer dogs" and people who own them (myself included) will tell you that they are marvelous family pets...but what you don't often hear about is that, like all other pets, they make demands on your time, energy and finances.
Every single dog in the world, in order to be a good pet, must be trained...and the training is a commitment of so much more than simple class time.
These dogs are so smart...but because they are, they quickly learn when there are no rules. They will do anything to please their owner, but when the owner doesn't know how to teach them, or when the owner doesn't have the time to spend (daily) towards their training...they can become problematic.
My dogs, by their nature, love to dig and chew things. I also have one who likes to bark. They get excited to see people and want to jump on them. If these traits are not handled at an early age, when the puppy is young, they grow into dogs that can ruin your yard, furniture, clothing, etc. And they grow rather large...so when they are young, if the family gets on the floor and plays rough with the puppy...the family suddenly becomes very angry when the large adult dog wants to do the same...only it is no longer a 20 lb puppy but a 60+ lb bundle of excitement.
These dogs are also very energetic and need to have their minds stimulated. They don't like to be left alone often, and you should not crate them more than 6 hours at a time.
Some people select Labradoodles because they buy into the hype that all Labradoodles are non shedding and non allergenic. Then, when they get their dog home...and the dogs sheds, they become angry at the dog...thinking that they got a "bad" one.
Well, the fact is, many Labradoodles will shed. And ALL Labradoodles will blow their puppy coat.
If you want to be assured of a non-shedding dog...you will look for a multigen, but even then, shedding can happen. It is not a sure thing.
Select your breeder well. Discuss all of this with your breeder.
Relize that you are making a commitment to love and care for a dog that WILL, at some point, have illness and that you are going to have a puppy that WILL have accidents in the house...and one that WILL chew your shoes if you leave them about...and one that WILL jump on you and your children if you don't train him/her not to.
If the dog has been inbred (very important) then you increase your chances of bad traits...if a puppy has been locked away, without socialization, living in its own excrement...you WILL have troubles with it.
So, select well, do your research and don't expect a perfect animal...
DO expect a dog that will love you with all of its being and one that will be more fun than any other you have enjoyed...as long as you select well, give it time and attention for training, and teach it how to love...and if you make certain that the dog is medically cared for...your investment will pay off ... in great abundance ... as long as you realize that a Labradoodle IS a dog...not a fantasy pet.
I wish you all the best in your search.