How can an EB-5 investor study or work in the U.S. with a pending adjustment of status application?

Definitely, if he is transferring from one school to another, SEVIS processing will be involved but his filing of I-485 will only be noted but not serve as a stumbling for processing of his F-1 visa. He should work with the international/foreign student advisors of the schools involved. Also, he will continue to be on F-1 even though he had filed I-485, but with the filing, he can stay in the country.

The filing of the adjustment does not automatically terminate his F-1 status. If the adjustment is denied, he might be able to revert back to F-1. It is not clear whether or not he will be able to do so if he works on his EAD, but this appears to be a grey area.

Other than the requirements of the school, he is a pending immigrant now, so studying as an F-1 basically ended.

Unless there is a reason for him to maintain his F-1 student status, which you have not stated, based on the info you provided, he no longer needs to maintain his F-1 status in order for him to study, work or remain in the U.S., since he has a pending adjustment of status with an EAD/AP issued.

It will not affect his SEVIS. He can work anywhere in the U.S. He can study at any university in the U.S. At certain universities, he may still be considered as an international student for tuition until he receives the approval of his adjustment of status application.

He cannot maintain F-1 status while also utilizing his EAD card. In my opinion, based on the facts presented above, he no longer needs the F-1 status.

Yes, he can work if he has an EAD and it would not violate his F-1 status.

Yes, he can work on his EAD and can now abandon his F-1 since he is an applicant for adjustment of status with work authorization.

He may work using the EAD card and can show that to the university as evidence of his adjustment pending status.