J8s from the button

[AlmightyJay]

Second hand on the table. MP1 is VERY loose and is the main reason I'm in this hand. I know preflop is extremely marginal but I have a definite edge over him and will get paid off huge if I hit a hand. Generally I would fold this here with only two limpers.

Party Poker 1/2 Hold'em (9 max, 8 handed) FTR converter on zerodivide.cx

Preflop: Hero is Button with J[img]/images/graemlins/diamond.gif[/img], 8[img]/images/graemlins/diamond.gif[/img].
UTG calls, <font color="#666666">1 fold</font>, MP1 calls, <font color="#666666">1 fold</font>, CO calls, Hero calls, <font color="#666666">1 fold</font>, BB checks.

Flop: (5.50 SB) 2[img]/images/graemlins/diamond.gif[/img], 9[img]/images/graemlins/heart.gif[/img], Q[img]/images/graemlins/spade.gif[/img] <font color="#0000FF">(5 players)</font>
BB checks, <font color="#CC3333">UTG bets</font>, <font color="#CC3333">MP1 raises</font>, CO calls, Hero calls, BB calls, UTG calls.

I'm getting 5:1 on my call with a gutshot straight draw and a backdoor flush draw. Pair cards are probably no good. Also I'm sure to get at least another three bets out of MP1 if I hit on the turn. I didn't expect UTG to 3-bet. Is this an insta-fold, or is my call okay?

Turn: (7.75 BB) A[img]/images/graemlins/diamond.gif[/img] <font color="#0000FF">(5 players)</font>
BB checks, UTG checks, MP1 checks, CO checks, <font color="#CC3333">Hero bets</font>, BB calls, UTG calls, MP1 folds, CO folds.

Checked to me, 8BB pot, 5-handed, I have 12 outs. Easy value bet, right?

River: (10.75 BB) 9[img]/images/graemlins/club.gif[/img] <font color="#0000FF">(3 players)</font>
<font color="#CC3333">BB bets</font>, UTG calls, Hero folds.

I missed, no way I can overcall with J-high.

Final Pot: 12.75 BB

Bad? Terrible? Good? Some of both?