[Vern]

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You're actually drawing to the 3rd nut low on the flop (Any A2 or A3 has you beat). 23xx is a speculative holding and you're generally in trouble unless you can flop an ace. So you want to be sure you're going to get enough callers pre-flop to justify drawing to an ace on the flop. An analogy to Hold'em would be a small pocket pair--it plays well heads-up but becomes a drawing hand to a set in a multiway pot. So a pre-flop fold is probably in order here, unless the table is particularly loose/passive.

The flop is tricky. I would be inclinded to raise or fold here. Against only one other caller, your low draw may be good, in which case you'll want to protect your weak high hand. If the button cold-calls, then I would slow down and assume he has a better low or high draw.

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You got me on the third nut low part, I really only limped hoping to see a 5-6 to the flop and see an ace an another card to low other than 23. I was the only player with a PFR higher than 2.5 at this table, only getting 4 to the flop was a little disappointing.

Once on the flop I think raising is the best option, followed by fold then call. By raising I can possibly make it 1SB to see the turn and river if the button folds. If he calls two, then unless something drastic happens, I think I check to him on the turn.

Thanks for the response
Vern