You need an entrance and exit animation on each bullet. I do not believe there is a pre-programmed way to do this.
Let's say you have two bullet points. Type them out and set the animation pane to open.
Highlight your first bullet point. Add a typical entrance animation such as appear. While the first bullet point is still highlighted, now pick an exit animation such as disappear. Now highlight the second bullet point and repeat the entrance and exist animation.

When done, the animation pane should show 4 animations. Go to the third animation, which should be the entrance of bullet 2. Change the timing from on click to "with previous. You should see the number of animations change from 1234 to 1223

The general principle is that you chain together the exit of one point with the entrance of the next point.