A periodically forced linear oscillator with impact attachment has been studied. An asymptotical analytical method has been developed to obtain the fixed points and to analyze the transient 1:1 resonance (two impacts per cycle) of the modulated response. The influence of parameters on dynamics has been analyzed around the Slow Invariant Manifold (SIM). Five different response regimes have been observed from theoretical and numerical results. It is demonstrated that they are closely related to the topological structure and relative position of fixed points. The bifurcation, route to chaos and the efficiency of Targeted Energy Transfer (TET) with the variation of different parameters (i.e. amplitude and frequency of excitation, clearance, damping, mass ratio and restitution coefficient) have been investigated and well explained around SIM. Experimental results validate the existence of different regimes and different routes to chaos by the variation of the return map of time difference between consecutive impact moments. TET phenomenon has been analyzed for a strongly modulated response and different cases of TET have been observed and analyzed. It is clearly observed that TET depends not only on whether there exists 1:1 resonance, but also on impulse strength during the transient resonance capture.