Sounds like normal puppy behavior. Dogs are pack animals and crave social structure, however they will also test that structure so be sure to establish a clear hierarchy in which the dog is below your children so the dog does not see itself in a position to discipline your children (higher on the totem pole/more of an alpha.) As for nipping, the trick to teaching your dogs to have a soft mouth is not to say "NO" when a dog nips you in play, because the dogs interpreters that as you telling it not to play. Rather yip and say "oww" like a mother dog or another puppy would which tells the dog "that is too hard." Dogs do not have hands so they use their mouths for just about everything.
Be prepared, you got a hunting dog full of instincts to chase and tree animals, then bark until the owner arrives to shoot the treed animal. Not doing so makes them anxious and they act out. I know from having owned two from a relative who hunts them. Now I have bird dogs that are smart, high energy, neurotic, and amazing at finding and pointing birds. Just as I know my FJ40 is not going to be a 2018 Lexus, know what you are getting into and plan accordingly with reasonable expectations.