para-Hydrogen-induced polarization methods are shown to enable the in situ detection of linear and branched monophosphine-containing intermediates during hydroformylation when Co(eta3-C3H5)(CO)2(PCy3) is the catalyst precursor. The NMR signal characteristics of the alkyl arms of these species provide direct evidence for the rapid interconversion of linear and branched cobalt alkyls prior to the CO insertion step. The observation of additional para-hydrogen-enhanced signals for the corresponding linear and branched aldehydes enables the reactions selectivity to be rapidly monitored as a function of H2 and CO pressure or reaction temperature.