Marmoset Toolbag

Marmoset Toolbag is a real-time material editor and renderer. It mimics the physically accurate rendering techniques and next generation shader standards found in many AAA video game titles as well as the VFX industry. Marmoset Toolbag 2.0 added support for PBR textures - or physically based rendering - that realistically portrays the way lighting affects various surfaces in 3d.

I've found these settings give the best result when exporting an .obj from 3ds Max to Marmoset:

Marmoset Overview

Comprehensive Walkthrough