The simplest would be to use old-fashing string splitting and limiting the split:
in_str.split('>', 3)[-1].rsplit('<', 3)[0]
Demo:
>>> in_str = '<foo><bar><k2><v1>aaa<b>bbb</b>ccc</v1></k2></bar><foo>'
>>> in_str.split('>', 3)[-1].rsplit('<', 3)[0]
'<v1>aaa<b>bbb</b>ccc</v1>'
str.split()
and str.rsplit()
with a limit will split the string from the start or the end up to the limit times, letting you select the remainder unsplit.