Methods and apparatus for downhole analysis of formation fluids by isolating the fluids from the formation and/or borehole in a pressure and volume control unit that is integrated with a flowline of a fluid analysis module and determining fluid characteristics of the isolated fluids. Parameters of interest may be derived for formation fluids in a static state and undesirable formation fluids may be drained and replaced with formation fluids that are suitable for downhole characterization or surface sample extraction. Isolated formation fluids may be circulated in a loop of the flowline for phase behavior characterization. Real-time analysis of the fluids may be performed at or near downhole conditions.