Common situation - how do you guys handle this?

[Roland]

Yeah, what Blumpkin said. Fold 3rd.

Lets say you call though - say because his suit is live and he reraises with 3-flushes or because you were in a steal position etc. and catch that 7.
I rarely raise 4th here. One exception would be against a maniac who you are well ahead of most of the time but who will also 3-bet 4th and/or bet out again on 5th (so I can get in the maximum amount of raises).
Usually though, you should raise 5th I think. You might get him to fold if your lucky, or get more money in the pot with the (hopefully) best hand at least.
If you think there’s a good chance he actually has kings or if his board is getting scary you might want to wait till 6th to raise though. This avoids stuff like this: You raise 5th, he calls. On 6th, he catches a 3rd suited card (matching his door) and checks. Now what do you do?

So it all depends on how much fold equity you have on 5th, how far ahead you figure to be of his range and the boards.