Re: preflop
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"1) how bad the limper is"
he's 45/5, how good can he be?
"2) how aware the button is of iso-raising"
let's say, you only have 100 hands on these guys and you don't recognize the screen names.
"3) who is in the BB"
joepokerstars 35/15
"4) will I have any chance of folding out the button raiser assuming I don't improve on the flop."
button has reasonable AF and he knows your pf stats (let's say you're 33/24).
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wow its close. if we assume the BB plays decent then I think it is 3-bet or fold time. And then it probably just depends on the button. If he raises at least 18-20% of the time and I think he will make some mistakes postflop (and I lean more towards the tight side than spewing) then I think you can definitely find value in 3-betting regardless of whether the limper calls.
But I think I really have to have a better handle on the button. If he is a bad LAG I'll 3-bet it up. If he seems to be a solid TAG it is going to play tough in that position.
basically I don't think there is anything wrong with folding, but I think there is value here if the button plays bad enough to compensate for the fact that you have horrible position and are building a pot that is unlikely to get you any fold equity on the flop.
how bad does the button have to be? I don't know, but I'm at work so thinking about this is infinitely more interesting than the [censored] I should be doing right now.
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