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OK, the caveat, I'm a break even casual player...
So MP min raises, I think you want to isolate, not offer others a line in to a big pot, so I think you need to raise here, .90 should be good... of course that may drive him back out.
BB calls, he is getting 7.5 to 2. So he could probably have a fairly wide range, or be setting himself to defend... pairs, AT+, KJ+, maybe... I'm working on my ranges... of that range you're still ok, likely a high pair would raise, depending on table action. Flop comes, he leads for 2/3 pot... looks like a pair to me, maybe a high pair, possibly he got a set with his pair of 5s. He also may have been suited in diamonds, working his flush draw...
I'm not convinced that you can fold this profitably here... .60 to call for 1.55, about 2.5 to 1, do you think you are ahead of enough of his range to make that profitable?
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