I have thought quite a bit about this hand and I think I played it ok given the situation. The player that was involved was pretty loose (seeing about 40% of the flops) and I had stolen his BB and shown 27o one round earlier and he had made a smart comment so his raise on preflop didn't have to represent a whole lot but then again it could as well. His smallish bet after my check on the flop prompted me to CR him instead of just calling and getting a cheap look at the turn. My reason was that if he only has a pair I am a slight favorite to win this hand and if he has a hand like KK or QQ perhaps I can get him to lay it down on the flop. Well he reraises me all in and I am getting nearly 3 to 1 on my call with 14 likely outs twice so I call and connect to bust him. Any thoughts appreciated.

Party Poker 600 No-Limit Hold'em, $ BB (9 handed)

UTG+1 ($357)
Hero ($616.2)
MP2 ($600)
MP3 ($771.95)
CO ($660)
Button ($389.25)
SB ($713.2)
BB ($1195.2)
UTG ($807.75)

Preflop: Hero is MP1 with , . MP2 posts a blind of $6. SB posts a blind of $3.
UTG calls $6, 1 fold, Hero raises to $25, 3 folds, Button raises to $55, 2 folds, UTG folds, Hero calls $30.

Flop: ($131) , , (2 players)
Hero checks, Button bets $35, Hero raises to $125, Button calls $299.25 (All-In), Hero calls $209.25.

Turn: ($799.50) (2 players, 1 all-in)

River: ($799.50) (2 players, 1 all-in)

Final Pot: $799.50

Results in white below:
Hero has 4s 5s (two pair, fives and fours).
Button has Qc Ah (one pair, aces).
Outcome: Hero wins $799.50.

Heres how i see it:

You raise with a suited connector...Cool

He reraises you..He will almost always have AA or KK based on the fact that he reraised a healthy raise. Thats ok, if you hit a big flop you'll bust him

The flop looks good, but if he has AA youll need the flush to win. He bets way too small. It looks like he has KK and is afriad of the flopped ace. You check raise to get him to fold KK. He goes all in. Now I give him credit for AA, but you still have odds to call to hit the flush.

I cant believe 2 pair won it, but I guess against a fool, it will. Nice hand.