Re: When was I supposed to open the parachute?
You should be raising preflop...
Aside from that, you should check raise this flop and lead the turn. As you said, you're about even money to be ahead of or behind MP2, and you'd like to get it heads up with only one overcard on board.
Obviously what you want to happen is you check raise, he calls, you bet the turn and he folds. An added bonus is that there's also a slight chance he folds a better hand (ie. TT or JJ). If he 3-bets the flop, you can fold there unless you feel you're getting enough from implied odds to make the call to spike the set on the turn. If he smooth calls and pops you on the turn, you can let go easily.
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