  An important goal of ongoing and future experiments is to explore spectra and
transition form factors of baryons with non-zero strangeness. Of particular
interest is the transition form factor$\gamma^{(*)} \Sigma^0 \rightarrow
\Lambda$ in the time-like momentum region that can be extracted from Dalitz
decays. On the road towards a theoretical description of these form factors we
extend a covariant dynamical quark-diquark model for the baryon Faddeev
equation to the strange-quark sector. Based on an excellent description of the
mass spectrum of selected baryon octet and decuplet states and reasonable
results for the nucleon form factors we determine the elastic electromagnetic
form factors of $\Lambda$ and $\Sigma^+, \Sigma^0, \Sigma^-$ hyperons in the
space-like region as well as the ones for the octet transition $\gamma^{(*)}
\Sigma^0 \rightarrow \Lambda$.
  We discuss qualitative and quantitative features of the diquark-quark picture
and compare systematically with previous results from a three-body Faddeev
approach and lattice data where available.
