It’s a Full HD, MP4 (H.264), 60FPS video. All my videos are always the same fps and same format and like I mentioned in the post, I am doing nothing new so I find it very strange that premiere is being so buggy.
Anyways, I tried versions 2017(11.0.0), 2015.3 (10.4.0) and 2015.3 (10.3.0) and none of those were playing back the video in the editing panel. Now I am using the 2015 version and everything seems to be playing perfectly right off the bat so I’m not really sure what the issue was in the above mentioned versions.