UTG is a loose bad Asian kid (showed up open raising with JTo UTG FR already). BB is a ~50 y.o. slim Asian lady who plays very bad overall and has quite snug ranges when showing aggression. She plays short and has ~5 BBs now.

UTG opens, hero 3! UTG+1 with AQ, folded to BB who caps we both call
3 ways to the flop of
TTQ (~12.5sb), BB bets, UTG calls, hero calls planning to pop turn (?)
turn (~7.5BB) 7 putting a FD, BB bets (she now has exacty two big bets left), UTG calls, hero raises and BB 3 bets now, UTG calls, hero calls (?)
riv Tr(big pot), BB bets all-in, UTG calls, hero ?

I think I like your plan to wait for the turn assuming BB's 3! range is still snug, say TT+/AK even when short. We don't benefit much from raising and allowing BB to 3! her KK+/sets forcing out UTG and basically isolating ourselves against the best hand. Our extra equity comes from UTG. Also, if UTG wakes up on the turn, we can probably find a hero fold?

As played, I like a turn raise and would now cap. We're not in great shape against BB at this point, but I feel like we're freerolling against UTG. Does he really play KK this way or lawl slowplay a T to the river?

I think you have UTG's range beat pretty bad, certainly from description. I raise until he reraises. Lady's raise wouldn't concern me with her low funds but I think you missed a fair amount of value from UTG's draws, pocket pairs and smaller queens that make up his turn range and you missed value from his pocket pairs (maybe AK) on river. I think when you add the value you get from those holdings and subtract the 10s KKs AAs you make money.

Might as well cap the turn if big blind only has one bet left.

I would raise the flop if this Asian Lady is as tight as you says she is. She's capping 1010+ and AK/AKs. Only JJ, AK and AKs can u beat and if she is really tight, she may not even lead out this flop and would at least probably check behind a blank turn so your plan to raise the turn may be bad.

After raising the flop and if she 3! I would prob shrug and call down. I doubt she would be smart enough to go for a check/raise on turn if you raised.

I would raise the river, expecting that you should be ahead of UTG a vast majority of the time and hoping to get one of my BB's back.

you have how much she has left wrong in the OP

Ya, I misread your OP as well. My response was assuming she was all-in on the turn 3-bet given she only had 2 BB after leading the turn.

Also when people of that description cap their own big blind and barrel barrel they can beat top pair. That said if she's short that could change things, but she's not really short if she 3 bets the turn and still has chips left.

yep, these were my thoughts too and I took this line.

I'd probably just hit call three times, she sounds like her capping range is super tight

^^ my thought too. as played i like raising the river tho

This hand makes no sense. You say she has a snug range and then you want to reopen the betting on the turn after she cold capped against an UTG raise and UTG1 3 bet? We are talking about a full ring poker game here right? WTF is going on? I am hating my hand and trying to get to showdown knowing full well I should probably lay it down. I think raising the river is pretty pointless too and I think you need to be a little worried that you might be in third place after UTG calls two back to him on the turn. Meh.