Mr2 Mkii Smokey Engine

[Declan99]

I recently bought a 1993 toyota mr2 N/A that has been used for track days so the interior had been stripped out to save weight, but also the seller said the engine smokes and rattles. When the engine is cold and its running there is a lot of white smoke but as the engine gets hot the smoke isn't as bad. i have checked the oil and it isnt milky or dirty but it seems clean and fresh. I've cleaned the spark plugs. the engine seems to sound ok but sometimes there is a slight rattle but i think that is the exhaust. what is causing the smoke? and is it a easy fix?