[olavfo]

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This is definitely raise or fold. If you feel that raising will often just get the hand 3 to 4 handed out of position with little fold equity on the flop, folding is fine.

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If the table is loose/passive what is wrong with limping here. If you can't get everyone to fold for two bets, but can get everyone to call for one bet. Sounds like the perfect situation for a set hand.

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The problem is that everyone won't call, so if you limp for set value, you probably aren't getting sufficient implied odds to see a flop.

I tend to raise here unless the chance of folding everyone is zero. If I get callers and miss my set, I often get a free card and another small chance of hitting it.

Didn't someone do Turbo Texas Hold'em simulations for this problem? I remember a similar thread with EV estimates.