When Madara used the Izanagi before Hashirama killed him, he survived at the cost of one of his eyes. But when he activated his Rinnegan decades later, his eye was restored.
So if you have Rinnegan and you perform Izanagi/Izanami, does that mean that there are no drawbacks? If that's true, then that would be invincible, since someone like Madara can use it endlessly and never lose in a battle.
I don't think you can perform those Kinjutsu using Rinnegan. They are unique to Sharingan. As for his eye that Madara got after decades, it was by using the Hashirama cells. He collected those cells during his fight with Hashirama and cultivated them during his time with Black Zetsu.
So to answer your question, NO you can't perform Izanagi/Izanami using Rinnegan.
Can you cite a source where someone with Rinnegan used Izanagi/Izanami. Only Sharingan users have been shown using this skill and they all lost the usage of the eyes after. Thus answers would be speculative at best.
Speculating.
Though these skills might be used by a rinnegan user, they will become dark once used. Hence using Izanagi/Izanami with an eye that can awake Rinnegan is a waste. This is similar to how Danzo was confused about whether to use Shisui's eye for its Genjutsu or for Izanagi. Thus a rinnegan eye would also go blind if used for these kinjutsu.
The Sage of the Six Paths had the power of bringing illusions to reality. Obito explains this when he's talking about Danzo's Izanagi. You can say the ultimate Izanagi is that of a person who's combined Senju's power and Uchiha's power which is the power of Rinnegan, so I'd say Rinnegan has the unlimited Izanagi ability.
