$2/$5. Table is pretty deep as max buy-in is $1K and multiple people have bought in for such.

Villain: Asian, probably in his early 30s. He is on the heater of a lifetime in the short hour we've been playing. Getting smacked in the face with board runouts. However, now that he's up, he's been playing a bit looser calling raises preflops, but hasn't shown any undo aggression otherwise.

OTTH

Hero SB ($600)
V1 BB (Covers)

3 Limps. Hero looks down at A K and raises to $35. V1 in BB reraises to $70. All limpers fold.

I think it's pretty clear that fold is out of the question (feel free to disagree)

Few questions here. I struggle with AK consistently preflop, either playing too aggressively or too passively. I feel like this may be more common than I think based on some threads I've seen here.

1) Do we just flat here given villain hasn't been seen 3B! at all?
2) I've seen being OOP argued two ways here, as an argument for both raising (to take control of the hand post-flop) and flatting (we don't want to play AK OOP in a bloated pot).
3) If we do just flat, are we x/f all flops that don't have an A or K?
4) If we raise and villain flats, are we firing at almost every relatively dry board?
5) Would we do anything differently if we're on the button?

I'll continue with the hand after discussion around some of these points.

If villain has not been 3 betting then folding is not out of the question. Villain's essentially min raise range is usually very strong and your flatting range tends to be pretty obvious making it hard to make any money post flop if you do hit and have the best hand.

1. I would mostly flat and see what develops on the flop. If villain had been consistently very tight raising out of the blinds I might even fold.
2. Reraising looks bad with effective stacks here unless villain is 3 betting wide.
3. Not always but check/folding a lot of flops hero misses. Villain's 3 betting range probably contains a lot of big pairs. When to call depends on villain and how much potential hero's hand has on flop.
4. A 4 bet would be around $175. If that gets called the pot will be too big for much other then a shove on the flop. Hero can shove sometimes but not very often when hero misses.
5. From the button I would always see a flop unless villain is a known nit with a raising range like QQ+.

3-betting an open from the blinds is pretty strong. Most players play a much tighter raising range from OOP. I would just flat considering the very good 3.5:1 odds. Play cautiously post-flop. If he had 3-bet larger I would 4-bet or fold, probably folding.

I think it's too small of a 3bet to fold . Call , proceed cautiously , prolly check folding most flops.

On button.. hand plays same except prolly floating a lot more on flops I miss instead of just folding

It really depends on villain reads. If I think he's doing this somewhat wide, I might 4! to like $185 (if he shoves - against some V's I'd call it off, against most I think a fold is better) -- if I 4! OOP at these stack sizes, I'm planning to shove just about any flop. Can he call pre and find a fold with TT on a 445 board? If not, a flat is better. If you feel like his 3! is KK+ (does he tend to bet small when he wants calls and more when he's trying to protect; does he minraise rivers with the nuts? if so, he likely does the same pre), then just fold pre.

His range is, reasonably, TT+ AQ AK. Unless there's something I'm missing, it's at the very minimum a call.