1995 Honda Accord ticks and smokes.

Hi, I've recently purchased my Accord and realized after the purchase that on a cold start, after about 30 seconds the engine will start ticking loudly. It will last for 2 to 3 minutes until the engine warms up. When the ticking starts it will be loud and the sound will become les audible by the last half of the 3rd minute or so, then it will stop completely. After the sound is gone is about the time the smoke starts coming out the back. (When the engine is warm) It is not thick, not black or white, but a greyish color. It will thicken a bit as the engine warms up, but not real bad. Some details about the car that may help, or may not help at all are: timing chain was claimed to have been changed at some point, coolant is toped and fresh green in color, oil is topped, a few months old, but clean, not milky. The oil levels may drop, but I just purchased the car last week and its been parked(have not had the chance to drive it around much.) There is some old oil around a valve cover. The sounds is coming from the top center of the engine, not over either of the valve covers. But right in the top middle of the car. It is pretty loud, can hear it from inside the car, and loud enough when you drop your ear to the engine can tell its coming from the center. Its a 2.7L V6. Any insight would be greatly appreciated. I heard it could be my lifters, could even be an oil clog. I have no clue.
Anyway, thank you!