First of all, you want to make sure the parents are aware and okay with this situation. Some parents love having a neighbor dog because they don't have to get the kids a dog. Others are less aware where their children are going off to play (those are the parents you need to worry about!)
I'm more concerned about the 4 year old than the older kids. Make sure the older siblings are watching the preschooler. Especially if the child is a boy (I have 2 boys, they were 4 and 6 when Otto was that age, boys require far more redirection than girls)
The kids need to not take toys from Luke's mouth. He needs to drop the toy and back up before they throw it, not do that fake out game that some dogs do (my Otto included). That usually results in knicked fingers.
I would stop the tag game. It's just too much risk that your dog is going to tackle one of these kids onto a rock, knock out a tooth or something.
Hide and seek is okay, dogs love it too.
Venus of Crooked Creek 1/26/13
Otto von Hena-C 05/23/08
Morgan Donnermond 08/04/01 to 9/28/12 Long Live the Queen!
I have duct tape and I am not afraid to use it.