Raiser was loose and aggressive preflop. He was seeing 50% of flops with about 20% raises. The caller in between was loose too. I decide this is gonna be a good pot so I see it for 2 bets.

Party Poker 2/4 Hold'em (10 handed)

Preflop: Hero is MP3 with , .
1 fold, UTG+1 raises, UTG+2 calls, 2 folds, Hero calls, 3 folds, BB calls.

Flop: (8.50 SB) , , (4 players)
BB checks, UTG+1 bets, UTG+2 calls, Hero raises, BB folds, UTG+1 calls, UTG+2 3-bets, Hero calls, UTG+1 calls.

Try to raise for a free card on turn but the caller then 3 bet. I thought he had a set.

Turn: (8.75 BB) (3 players)
UTG+1 checks, UTG+2 bets, Hero calls, UTG+1 calls.

River: (11.75 BB) (3 players)
UTG+1 checks, UTG+2 bets, Hero folds, UTG+1 folds.

Final Pot: 12.75 BB

Results in white below:
UTG+2 doesn't show.
Outcome: UTG+2 wins 12.75 BB.

Is this a pretty good situation to try and play a drawing hand? It didn't work out well this time but could have been really nice. Comments?

Brian,

I think the only question-mark is your pre-flop call. There are times when cold-calling with a hand like 98s may be okay, and it does help that you're up against loose-opponents...but I'm not sure the pot's multiway enough in this hand.

On the flop, I like the free card raise against this particular opponent, but I think it should be noted that if UTG was a tight raiser or super-aggressive post-flop, a raise here is too likely to provoke a 3-bet and hurt your price. In this case, however, I think it's a good move, and the fact that UTG+2 pulled the call-reraise is just unfortunate. Like you said, a set seems likely.

On the turn, calling (as opposed to raising) is undoubtedly correct. I only mention this because some players would be tempted to raise here as a semibluff, due to their added outs; and once again, that'd just be costly.

So, in summary, I think your post-flop play was fine, but that you'd generally be better off folding this one preflop with a larger field present.

-TW