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1) Will I be under H1 Cap and wait till next year slot opens or Can I Change My Status any time?
--- You will be under cap 2) If my H1 is approved, do I need till Oct to start working on H1? --- Yes 3) If I get my H1 petition approved, can I continue working on L1 for any period of time? -- Provided your H1 is not filed with a COS. If it is COS (means if it comes with a I-94) you will be on H1 from Oct 1 (or whatever the start date is) and loss your L status. If it does not come with a I-94, you can continue to work on L1 till the L1 I-94 is valid and then either do a COS to H1 OR exit US, get a H1 Visa and enter using that visa Do remember, the L1 time counts under the H1 6 year cap. So if you have spent (say) 4 years on L1, you will get 2 years on H1 (and then will need to exist US for 1 year before starting another 6 year)
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