Hi Nate, I'm new to "Bigger Pockets" and new to the  real estate market.

The plan is to use the proceeds from this rental to buy another rental property for about $650-700K, plus to pay off the home that they live in now ($260K owed).

Different PM's are pro's at different niches in Mpls, so need to know what this property is to know who is best fit. 

Investment Info:Large multi-family (5+ units) buy & hold investment.

They are balancing that with the need to make a solid investment decision.The key is to think a bit outside the box.

-------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Welcome to BiggerPockets, Sam!

Additionally, it’s a good idea to network with local real estate agents who specialize in short-term or mid-term rental markets.Good luck with your new venture! 

Investment Info:Single-family residence buy & hold investment.

That being said, I don't have the information I would need to say for certain, but that sounds as if that's a high price for the asset you're considering to buy.