Scenario

I was playing 1/2 ($100-400) last night at about 2 hours into the session I run into this hand. V1 as described was an older man which played quite a few pots, overplayed top pair, called quite a few raises but hadn't seen him raise any himself. V2 younger guy that raised quite often, kept complaining about going multi-ways to the flop on his raised hands, and he also seemed to call raises pretty light after limping. I hadn't seen V2 show down much except AJ on a raised pot that he lost to the AK of V1 on the river.

Hero ($630), K8
V1 ($375)
V2 ($256)

MP2 (V2) Limps, HJ (Hero) calls, Cutoff (V1) Raises to 12.

V2 calls, Hero calls.

Pot $39

Flop
568

V1 Bets $25, V2 calls, Hero calls.

Pot $114

Turn 3

V1 Bets $75, V2 thinks for awhile and eventually shoves all-in for $219 total.

Pot $408

The range I assigned V1 was 99-AA. V2 I assumed he had most likely a pair plus straight draw or 2 pair. I assume that if I make this call or shove V1 isn't coming along for the ride given the range I assigned him.

Hero?

Preflop raising or folding is better then flatting. In any case give up to the reraise, effective stacks are too short to fish for a good flop with a weak KXs.

On the turn you also should give some made straights to V2 that decided to make their move on the turn. This is essentially an exercise in judging how often he has you beat already. Mostly though his over bet gives you bad odds. $219 to call and win $408 gives you less then 2:1 odds, there has to be a good chance your 8 is already good for calling to be +EV.

Pretty standard fold IMO. Have to think your 8 is no good at this point and getting only @2 to 1 on your call.