  We develop a covariant model for the $\gamma^\ast N \to N(1535)$ transition
in the timelike kinematical region, the region where the square momentum
transfer $q^2$ is positive. Our starting point is the covariant spectator quark
model constrained by data in the spacelike kinematical region ($Q^2 = -q^2
>0$). The model is used to estimate the contributions of valence quarks to the
transition form factors, and one obtains a fair description of the Dirac form
factor at intermediate and large $Q^2$. For the Pauli form factor there is
evidence that beyond the quark-core contributions there are also significant
contributions of meson cloud effects. Combining the quark-core model with an
effective description of the meson cloud effects, we derive a parametrization
of the spacelike data that can be extended covariantly to the timelike region.
This extension enabled us to estimate the Dalitz decay widths of the $N(1535)$
resonance, among other observables. Our calculations can help in the
interpretation of the present experiments at HADES ($pp$ collisions and
others).
