Word on the street is Cohen is in the proffer process working on a plea deal. Of course that could fall apart at any time but it could take a while too.
I expect Cohen to play out like Flynn. Without warning, he will plea guilty to something in exchange for cooperation. My guess would be tax fraud.
If he wasn’t already dealing with prosecutors he would have likely already been indicted.
When Trump said "I always liked Michael" it was the kiss of death. In Cohen's place, I'd sure as Hell take it that way. The feds are rarely in any hurry over something like this. They're only beginning to examine the seized evidence-
https://www.nytimes.com/2018/08/09/nyregion/cohen-trump-files-review.html
When & if they can build a solid case they'll offer Cohen a chance to come to Jesus...