What happens when you perform Izanagi/Izanami with Rinnegan? 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.