Thank you all for the replies!
It was our plan from the start to try to live like locals during our stay, so we're on the same page, jda1984! Our aim is to spend a big chunk of our time checking out neighborhood parks, trails, libraries, groceries, and such. I hope we'll get to explore several areas of the city!
Our AirBnB is in Whittier, near the Minneapolis College of Art and Design, but we'll have our car and will be able to get anywhere in the city. I'm glad we'll be close to Midtown though, it sounds like a great spot! And Minnehaha Falls is a must.
And we're definitely planning on using the Nice Ride system; thanks merula for the tip that they may not be great for long trips, that's helpful for planning our excursions.