Emergency water removal
Standing water in a finished basement is a clock. Carpet pad, the bottom foot of drywall and everything resting on the floor are absorbing while the water sits, and the difference between a drying job and a demolition is usually measured in hours, not days.
Stop what can be stopped
If the water is plumbing, the main shut-off ends it. In most Twin Cities basements it sits where the water service enters, on the street side, near the meter. If the water is ground water rising through the slab or the cove joint, there is nothing to shut: the job is moving it out faster than it arrives, which is what pumps and extractors are for. And if the water is coming up a floor drain rather than in from the walls, treat it as a sewer event: different handling, different protective rules, from the first minute.
Extraction before demolition
Removing water is quick and non-destructive; removing materials is neither. Extraction first, always: it pulls free water out of carpet and off the slab and shrinks everything that follows. What must come out afterwards is decided with a meter, not by eye: pad nearly always, carpet sometimes, drywall to a cut line above the wicking, contents according to what they are made of.
The one Minnesota-specific caution: in spring, confirm the sump system is actually moving water before trusting the floor to stay dry behind the extraction. Pulling water out of a basement whose pit is still rising is bailing a boat with the seacock open.
The rest of the work
Where this sits
Why the water here runs on a calendar, what the melt tests every spring, and what to establish before equipment arrives: water damage restoration across the Twin Cities.