[CPA Question] Is there a limit on live-in flip tax savings?

[Joe Cassandra]

My wife and I did a live-in flip for 2 years and sold for a $40k profit. 

We bought our next house less than a year later. 

We may rent this house out, but curious if we sold it again (it's 2 years later now), if we'd pay tax on the profit. Profit would be about $25k. 

Is there a limit how many times you use the homestead exemption? (Publication 503)?

If yes, we probably would need to rent it out :)