Difficult Omaha situations

As the interest for other poker games than texas hold'em is getting higher on the forum, I thought it would be a good idea to discuss some of the difficult situations in Omaha. Theese are situations Omaha and omaha 8 players are constantly faced with, and if they are played incorrectly, they are huge bankroll drainers(especially in PL games). They are hands that seem to good to fold, but don't win big pots. Aggresive players are especially the ones that need to play theese situations right, as opponents who has you beat, will often slowplay their hand. I will mainly discuss the hands out of a PLO8 point of view as I get the feeling, that is the most popular game, and some of the "guidelines" also will apply to PLO.
What I have written should by no means be seen as the the only correct way to play the hands, as this is just the way I prefer to play the hands. So feel free to make comments on it, and what you would do differently in the same situations.

undertrips:
A hand that a lot of players overestimate the value of, and a huge leak in some players game.
The hand is very weak in multiway pots, so check/fold would normally be the favourite choice. If however you have a low draw this hand becomes much better, and should then be played aggresively because it is likely to scoop. A backdoor low is also a good thing and this will make the hand playable. I would though try to get the turn card as cheap as possible. If I don't pick up low draw or make a boat on the turn, I would let the hand go.
In shorthanded pots, the hand greatly increases in strength and becomes more playable. I would usually bet from any position to shut out the draws, that could beat me, but would fold if I bet on the flop. If you are played back at, or you simply get a call, then proceed with caution. You're likely up against another low trips or a boat. So here the size of your kickers(especially the biggest of them) also comes into play. The more cards that will give you the 3rd nuts, the better. If you don't have big kickers, you are behind to any hand that is going to give you action. A pair in your hand also decreases your hands strength alot, as it is less likely to make a boat before the river.
If there's a low draw on the board, and I don't have one. Then the hand should only be played from late position, where you can be the aggresor. If I have the low draw, I will play it aggresively from any position and wouldn't mind getting all my money in the pot.

overtrips:
This hand plays a lot like the undertrips, but it is still a lot stronger and should therefor it should be played more aggresively. It also means the hand is tougher to get away from, wich is why it's such a big bankroll drainer.
If there's no low draw, it doesn't matter how many opponents are in the pot, I will usually make a bet to shut out the draws, and find out who the other "contenders" for the pot are. If I'm played back at, the size of my kickers would usually decide how I would proceed.
If there's a low draw and I don't have one, then just like with the undertrips, position and number of opponents becomes important. In multiwaypots it's not worth playing the hand unless you can get a cheap turn card. With few opponents I would check/fold in ealy position and in late position I would bet, if I was checked to.
If you do have a low draw, then by all means try to get your money in, as you probably won't find better spots to do it in. That hand really plays itself

underboat:
This one is really tough to play because you will never know if your hand is any good. You are likely to get action from the overtrips, but they would ofcourse have the possibility to beat you on the turn or river. The worst case scenario is that you are drawing dead from the flop, so I prefer to play this hand very passive in multiway pots, but I don't know if that's correct. I try to catch people who overestimate the strength of trips instead of trying to get maximum value out of my hand. Against good opponents I'm much more likely to simply fold, and spare myself of the variance.
In shorthanded pots, the hand increase a lot in value, as the overtrips and the boat becomes less likely. Here the reads you have on your opponents becomes everything, so making genaral guidelines isn't very usefull. But I will try anyway
Just as the other scenarios, if there's a low draw and I don't have one I will check/fold. I will however take a stab at it from late position against 1 or 2 opponents. If I get called, trying to get a cheap showdown would be the next step unless I think my opponet doesn't have anything but a low draw. In this case I would make him pay to chase it.
If I have a low draw I will bet the pot aggresively and try to get all my money in the pot, wich is really a very standard play.

great post, osmann
in my early days, i went broke several times because of middle/bottom trips thinking it was a monster.
Wish i had found this advice back then
As for the underboat, i completely agree with you. I will try and show it down as cheaply as possible, but if there is absolutely no action then i might put in a bet thinking that my hand would ahead.

Bookmark, as I'm crap at Omaha, and really need lots of help with it!