The normal micro donk will never raise here with a bare flush draw. I think you are here against (AAxx, QQxx and sometimes against 2 pair most likley with a clubs draw). So against unknown PLO2 donk or a tight postflop player I can find fold. If the opponent is known as aggressiv you can get it in.
don't know, haven't played played plo2 in a really long time. but It wouldn't shock me at all to see an unknown BU raising a bare AKxx here. even if his range is only top two and sets as stated in the original post, we still have decent equity since there are more combos of two pairs than oversets. probably not exactly the 46% equity pokertools say since it's more likely for him to have aces as the pfa. it can't be that low anyway.
And yes, c/r fold out the hands we beat - that's the plan, because we don't want to see turn card on such a drawy board with bottom set.
we don't want to see a turn here, I don't think he bets air here (see below why) , for obvious reasons seeing a free turn here is close to a disaster especially without the button. Also we could plan on check-raising the cbet with air, or with a backdoor draw ... that's not a bad idea as long as his betting range is big enough and folds often enough. but it looks pretty bad to turn a set into a bluff in this spot (the hand has too much value)
Anyway, I'm shocked here really fish p You limp with such a nice hand, which is a sin already. Then you actually flop something and suggest to donk/fold? By checking, you let him c-bet his hopefully wide range of PFR (you have reads?), and take down that c-bet by raising, and folding to a reraise. How many times will he have AA** or QQ**?
I don't think BU is betting a wide range, the board is pretty ugly to be betting air here especially with all the guys that will call him with any piece of the board (in the case he is a thinking player)
if he is not thinking , then he probably plays his cards only , so the board texture doesn't matter.
It also helps build your image. Become c/r maniac and opposition will play fit or fold against you, which will make your decisions easy.
this is plo2, image is not important at all.
I'd like to hear a more in-depth analysis about why donk is better then check/raise here.
Imo a donk achieves to deny getting a free card ( a disaster in this board texture ) , get value from hands that wouldn't bet here (some FDs, some Ax hands) , is cheaper if you wan't to fold your set to heavy action. so a donk protects better, gets more value and it's cheaper.
so imo donk/fold or donk/shove depending on oponent >> check/raise/call > check/call >> check/raise/fold >>>>>> check/fold