This is my 2nd hand at a Poker Stars $50 NL table.

I am in the SB with . UTG+1 min raises to $1. A LP player calls, I call, and then the BB re-raise to $3.50. The BB has $49ish and UTG+1 has about $50ish. UTG+1 calls the re-raise, LP folds, and since I'm last to call the re-raise, I call with two players in with $50 stacks, b/c this looks like a good oppurtunity to call and hopefully hit a set. I gave the re-raiser less credit because he was re-raising a min raise, but I am still playing for a set on the majority of the flops.

Definitely. There's two raisers and you've got the correct implied odds to hit your set. That's a great situation.

Only if you are closing the action. If youre not, theres too good a chance it will get reraised again by the first guy.

Presumably it's quite important to have a handle on the first player's raising standards in these cases: if he only raises with AA-QQ+AK, a reraise is almost certainly coming.

If he's looser than that (eg 99-AA, AJ-AK, KJ-KQ) then there's a high chance he won't reraise, so a call is still good.

Since you close the action I would absolutely call. For the BB to reraise you have to assume he has a strong hand this is assuming that he is a decent player. This is good which sounds weird but this means that if he has AA, KK, QQ you are likely to get his whole stack if you hit.