There's an app called "Cerberus Anti Theft" that might do the trick.

It has three ways to protect your device:
- Remote control through the website www.cerberusapp.com
- Remote control via text messages
- SIM Checker (for devices that have a SIM card): you will automatically receive alerts if someone uses your phone with an unauthorized SIM card

Remote control allows you to perform many operations on your device, like:
- Locate and track it
- Start a loud alarm, even if the device is set to silent mode
- Wipe the internal memory and the SD card
- Hide Cerberus from the app drawer
- Lock the device with a code
- Record audio from the microphone
- Get a list of last calls sent and received
- Get information about network and operator the device is connected to
- And much more!

List taken from link below.

 https://play.google.com/store/apps/details?id=com.lsdroid.cerberus&feature=nav_result#?t=W251bGwsMSwxLDMsImNvbS5sc2Ryb2lkLmNlcmJlcnVzIl0.

You should definitely check the video posted on that link. I also heard that if they turn off the gps or wifi, with Cerberus you can turn it back on and even
enable the video recording from the front or back to let you know who's been playing around with it.

P.S. I'm not sure if this will work with Nexus 7 but might as well let other people know about this awesome app.

I actually would like to see the 2nd generation to have more battery life and last much longer. That's pretty much what I would only like in the 2nd generation N7.