The problem you're having is not all that uncommon with 1911 style pistols. There are numerous things that could be the culprit. Have you tried hand cycling it to check the ends of the bullets? Your feed ramp could be too short causing both hollow points and FMJ ammo to catch just a bit and not feed properly. Of course, the ramp may need to be polished also. And the gun may just need to be broken in. Since the gun only cost $400.00 new, I would think you may just need to shoot it alot and get the parts loosened up. Some guns in this price range are similar to the original 1911 in that they aren't made with the tight tolerances of the more expensive guns like Kimber, Ed Brown, Wilson, etc. And for most of them to work properly, they need to be very loose. If it doesn't rattle like a 1950's sedan, it's not going to work right. Once the parts all start to loosen up some, it should start working better. The Kimbers et al don't do this but they are made with much more attention to detail. Thus their 800.00 + price tags. And even they can have some problems until they are broken in.

It isn't even broken in yet. Keep shooting it. IF it doesn't start working right after you've shot another 100 rounds or so thru it, then consider having it look at by a competent 'smith.