Your reads are good but we need some more info/corrections. Is this 1/2 or 1/3? How is the hero in the CO flatting himself? Do you mean you were the HJ?
In this spot I'm never ever worried about V2. His range is a fair amount of TP hands that he can't fold, a ton of straight/flush draws, and very very rarely a slow played set on a super wet board.
I can think of two lines that I like:
1) just fold and don't pay off the nit who likely has two pair or a set. If he raised us with a draw to exploit his nit equity, good for him, but we have never seen him do this before so no reason to assume so now.
2) we assume that he can raise his draws on occasion. This is not a bad assumption because he's 20's and Asian. We can also assume, since he's in his 20s and playing really tight, that he's not very sophisticated.
In this case I like a minraise/fold. We would never do this against a good player, but against this guy the result will often be:
A) he has a set/2pr and shoves because it looks like we have an overpair and aren't folding. Stacking overpairs is how he makes his money, and he just calls with made hands that beat us on this board almost never.
B) he has a flush or straight draw and snap or shrug
calls because we gave him the correct odds. He almost never reraises us when he only has 30% and it looks like we aren't folding.
C) he has exactly J
Q
or J
9
, shoves, and we make an incorrect fold.
This may sound suspiciously like raising for information, and in part it is. But we also get value from draws and lose less money against a set than we would be check/calling a street. Really it's a blocker/value bet, and we naturally get information from him by putting pressure on him.
As played, check/evaluate turn bet sizing. If he takes a free card he was most likely on a draw. If he bets big I'm folding, but wishing I just folded the flop.