Buses leave regularly from Addis Ababa's Kality bus station, at the south of the city and 10 km from downtown (1/5 of the distance to Bishoftu), inconvenient to reach by public transportation and expensive by taxi, but there likely may be services from other, more conveniently located bus terminals around the city - ask locally, e.g. in the place where you're staying in Addis, about the best option from that location.
Bishoftu has a station on the Addis Ababa – Djibouti Railway. The train runs every 4 days on the 1, 5, 9, 13, 17, 21, 25, and 29 of each month, and takes 15½ hours to complete its trip between the two capitals.
There are at least five small lakes in Bishoftu. Bishoftu Lake is the closest to the main road and has a few resorts located on its rim, with good views of the lake. The other lakes are Lake Hora (a base for watersports, many water birds and an annual festival), Lake Bishoftu Guda, Lake Koriftu and the seasonal Lake Cheleklaka.
Nearby points of interest include Mount Yerer, and Green Crater Lake.
The main road has many hotels. On Bishoftu Lake's rim there are a couple of resorts.