Yes, you can use Network Attached Storage (NAS) for the repository.

There are a couple of conditions to having the repository on a remote server or NAS

---------------From page 96 of the ALM 12.50 installation guide ---------------------

In the File repository path box, click the browse button to choose a repository path, or accept the
default path. Make sure to enter a unique, case-sensitive name for the repository folder.

Note:

- Make sure you select a path where you have full read and write permissions.
- To work with cluster nodes, make sure that all nodes have access to the file repository
path and that the path is UNC. All nodes in the cluster must have the same string for the
repository path.
- The length of the file repository path cannot exceed 200 characters.
- The file repository path cannot reside on the root folder.
- Due to a Windows limitation, the file repository path cannot be on a mapped drive.

You will have to specify a service account when you are installing 12.50.

---------------From page 97 of the ALM 12.50 installation guide ---------------------

Type the User Name, Password, and Domain to be used to run the application server as a
service. This enables the service to access your local network.

If the repository is on a remote machine, or if you are using a Microsoft SQL server with Windows
authentication, enter the details of a domain user who has administrative permissions for the SQL
server and who is a local administrator.