In Mezzanine debt, the the lender is paid back like a normal loan, or if the borrower defaults the lender can exercise a call option (or warrant?) 

If IRS does not exercise its redemption right within the 120 days it will automatically expire. 

Are there any warning signs or indicators that I should exercise my "exit strategy" from a "turnkey provider"....??

It applies not just to exercise events, but to anything in life that is challenging.

There is no magic source and unless someone has a true pocket listing (which means you are shooting offers at possibly hostile buyers) then the hype about paid services is BS...maybe for non multi or really big ones or something its possible...but I find it suspect...why would someone wanting to sell try to keep people from knowing about it...sure it happens sometimes but for the most part do not buy the hype.ALLWAYS be looking...the exercise is good as it makes you better at valuing anyone deal and that's how you catch stuff. 

As you negotiate the complexities of real estate investment, never stop learning, be flexible, and exercise patience.

Maintain some good, deep cash reserves for any aspects of the lease that you are responsible for and any future tenant improvements/roof replacements you may need to cover down the road.Just curious...since you are potentially up for a need to re-lease the property in 2 years if the current tenant does not exercise their option, how does the market look in Tulsa with industrial type tenants (vacancy rates, etc)?

That's why I see more 1031 investors exercising their power on the sell side.  

It is another great exercise in financial awareness.

If no response we can exercise the 30day notice option.In fact my daughter just raised one $60/month, with a subsequent increase in the Security Deposit & the tenant decided to stay???