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Is this vapor coming out of the exhaust or around the engine?
The turbine housing will burn off any lubey substance that might be on it during the first heat cycle.
I don't think water passes through the rotating assembly of a ball bearing turbo, but oil might (on journal bearing turbos at least). There absolutely are shaft seals to prevent any significant seepage into the airflow paths.
Significant smoking/vapor around the engine or out the exhaust after maybe the first 20 minutes or so would be concerning.
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