So I went through a bunch of steps to troubleshoot which part of the hardware was malfunctioning.
First I checked to see the voltage between the test points and it seemed to be lower than 4.8V (I was getting about 4.3V), so I changed my power output and got about a 4.9V but that still didn't change or resolve the issues that I was having.
Then I changed the flex cable for the camera. When I did this, my pi completely shorted out (no damage was done, phew!). This made me realize that the camera was definitely defected.
I bought a new camera, and it works perfectly now
If you have similar issues, I would definitely try a new camera!