Thank you for all the great info. To answer some of the questions I have double checked the following:
1. The HVAC type is set correctly.
2. Wires are connected to the proper terminals.
3. I don’t use swing I use hold temp.
Issue I do see, the screen does continue to say "Please Wait" when the system is on. If I try to turn the AC on through the therm the furnace blower will turn on but the AC unit will not. If I use the PC or Android app it turns on properly and functions until it reaches the hold temp I have set it to then turns off as expected. The problem is that it won’t turn the system back on when it reaches the hold temp again.
As I have stated I have taken the iris therm back out and installed the old therm and everything works fine. I may as one user has recommended take this one back and get a replacement.