Poor prep likely behind fresh paint bubbles, blisters
[...] that's one of the reasons we bought the house.
The other eyesore is that the caulk between the baseboard and walls is coming out in long, sticky strings, leaving unsightly cracks.
The first thing we'd do is squawk about it to the real estate agent who sold you the house to see if there is any recourse through the seller.
Painting over a hot, dirty or damp surface, improper surface preparation, or painting over a wall where moisture is present in the substrate and has migrated to the surface.
If the bubbles don't go all the way to the unfinished wall material, scrape off the bubbles and prime the exposed areas with a high-quality latex primer.
Make sure to rinse the TSP residue off with clean water.
The final step is to re-caulk the joints with a high quality acrylic latex caulk.