And you can sell and get the first $250K of gain ($500K if married) tax free. 

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My questions is how does section 121 apply in our situation(married couple)? 

Unless they are married, they need their own policy.Make sure you are added as "additional interest" on each policy so you can track it.

This happens when a married or non-married couple splits up while they're your tenants.

The way you describe your situation, I'm going to say you fall into the 22% tax rate bracket (single over $47k, or married over $94k in taxable income).  

I know you are going after couples, but I am married and usually rent 3+ bedroom when I go for extra space (usually stay 1-2 weeks). 

@Theresa HarrisMy long distance girlfriend lives in LA and I plan on marrying that woman.

Live separately until you are financially stable and married.8.

We have long term renters in Houston that are a 30 year old married couple, combined household income of about $110k, and they're going to be renters for 3-4 more years (based on their own admission).