did a search instead of making a new post and found this thread: https://www.rx7club.com/3rd-generation-specific-1993-2002-16/tons-white-smoke-cold-start-smells-like-raw-fuel-smoke-engine-bay-751313/
This guy's problem sounds very similar cept I can't see any smoke coming from under the hood, only the exhaust.
It's deffinitely an oil leak (it's a nice blue-white color) and it only happens on very, and I mean VERY, cold starts, usually after the car has been sitting for close to 24 hours. It clears up after I drive it for a little while, and I'm thinking maybe the oil-feed line for the turbos is stuck open or my cat is starting to get clogged.
I know I've got leaky fuel injectors and I just ordered new ones so I'm getting that fixed soon.

I also talked to my mechanic who has a lot of experience with turbo'd cars, but not so much with rotaries (he knows what to do, but rarely has to do it). And I told him my two ideas and he said either are very plausible. What do you guys think and if it is one of those things how dangerous is it?

I went out to my car today and it didn't smoke, I did however instead of blipping the throttle to cancel the quick warm-up just let it sit and idle until the idle dropped to the normal range and when i started driving I couldn't see any smoke. That's why I think it may be the oil feed line to the turbo getting stuck open and when I drive it right away the extra oil is getting pushed into the combustion chamber.

 

If your mechanic thinks that idea is plausible... I hate to say it, but he's full of it. That or he misunderstood you.

The feed line doesn't open or close. It's just a line and as the oil pump creates pressure it goes through that line. It sounds more like your compressor or turbine seal is leaking a little bit. Check the intercooler piping at low points for pools of oil. A good way to check might be to remove the pipe feeding the lower end of the intercooler and check in there for oil.

 

The oil feed line to the turbo is supposed to be open.. There isn't anything that closes it off. Check your oil injectors by sucking on the vacuum line it has a check valve that can fail the oil is then pushed to the intake on the primary turbo. Though you would notice the oil more under boost if it was this. Do you have oil in your boost pipes? Maybe the turbo oil seals are on their way out. How cold does it happen and what weight oil are you using?

 

haven't found any oil in the boost pipes, but I didn't check the low ones, I'm using 5w-30, when it happens, it's COLD, like it's been sitting in temps below 50 degrees ( I know not that cold but still) and it's been sitting for at least 10 hours.
My mechanic is most familiar with DSM turbos so IDK, or maybe he just misunderstood me. The oil is only apparent on COLD starts.

 

turbine seal or oil control rings in the engine would be my guess.

 

I took it out again yesterday cuz I just thought of something that it was doing earlier this summer. When I run it hard at higher RPMs for extended periods of time, i'm talking like above 6k fro 30+ seconds, it starts to smoke also and it smells like oil AND coolant, but I check the coolant levels constantly and i'm not loosing any, but the oil is going down slowly, a little quicker than normal that is.