Noob here. 1 IP cam always dropping frames. Not sure what else to try?

I'd say get into the config of the camera and lower frame and bit rates, assuming that camera will let you do that. BI can only receive what is transmitted by the camera.
 
the fps is auto adjusted by blue iris...
the resolution is that which the camera sends..
im not surprised that a junk camera like that is having issues..
uncheck limit decoding
 
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