Unfortunately, you can't directly annotate text in PDFs. What you can do is to bookmark a page and then go into the annotations list and add a not to the bookmark.
If reading and annotating PDFs is important to you, then you won't be happy with a Kobo ereader. Or any of the other 6"-7" inch e-ink ereaders. You really need to stick with a proper tablet for this. There is a LOT of discussion on this in the "Which one should I buy?" forum.
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