Formation testing systems and methods may inject fluids into a formation to initiate fractures and facilitate measurements of various formation properties. In accordance with certain disclosed embodiments, the injection tools are further provided with nuclear magnetic resonance (NMR) sensors to monitor the injected fluids and provide measurements of near-borehole fracture orientations and volumes. Contrast agents and/or magnetic resonance imaging (MRI) techniques may be employed. The fluid injecion may occur via an extendible isolation pad, via a fracturing jet, or via an injection port in an isolated region of the borehole. The systems may employ pressure monitoring in conjunction with the NMR sensors to further enhance estimates of formation and fracture properties.