UNITED STATES
              SECURITIES AND EXCHANGE COMMISSION
                    WASHINGTON, D.C. 20549

                           FORM 10-Q

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR PERIOD ENDING SEPTEMBER 30, 1999.

Commission File Number:

     2-88845-A

Exact name of Registrant as specified in its charter:

     Florida Income Fund, L.P.

State or other Jurisdiction of incorporation or organization:

     Iowa

I.R.S. Employer Identification Number:

     59-2337910

Address of Principal Executive Offices:

     12800 University Drive, Ste 260
     Fort Myers, FL 33907

Registrant's Telephone Number, including Area Code:

     (941) 481-2011

Securities registered pursuant to Section 12(b) of the Act:

     None

Securities registered pursuant to Section 12(g) of the Act:

     None
The registrant has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and has been
subject
to such filing requirements for the past 90 days.<PAGE><PAGE>
                   FLORIDA INCOME FUND, L.P.
                             INDEX

PART I


    FINANCIAL INFORMATION                            PAGE NO.

    Balance Sheets at September 30, 1999
    and December 31, 1998 . . . . . . . . . . . . . . . . . .3


    Statements of Income for the Three and Nine
    Months Ended September 30, 1999 and 1998. . . . . . . . . .
 .4


    Statements of Cash Flows for the Nine
    Months Ended September 30, 1999 and 1998. . . . . . . . . .
 .5


    Notes to Financial Statements . . . . . . . . . . . . . .6


    Management's Discussion and Analysis of
    Financial Condition and Results of Operations . . . . .6-9



PART II

    OTHER INFORMATION

    Items 1 through 6 . . . . . . . . . . . . . . . . . . . 10



PART III

    Signatures. . . . . . . . . . . . . . . . . . . . . . . 11



COVER PAGE
EXHIBIT 27 - FINANCIAL DATA SCHEDULE






PAGE 2<PAGE><PAGE>
<TABLE>
<CAPTION>
                       PART I - FINANCIAL INFORMATION
                          FLORIDA INCOME FUND, L.P.
                               BALANCE SHEETS
                                 (Unaudited)

                                          September 30  Dec.31
                                             1999           1998
                                          _______________________
<S>                                       <C>           <C>
ASSETS

Current Assets
    Cash                                     11,409        49,310
    A/R Trade                                 3,625        29,443
    Prepaid Expenses and Other               99,558        57,170
                                            _______       _______
    Total Current Assets                    114,592       135,923

Rental Properties, Net of Accumulated
    Depreciation of $1,473,782 at
    09/30/99 and $1,391,126 at 12/31/98   2,374,003     2,456,659

Intangible Assets
    Deferred Loan Costs                      29,123        37,187
                                          _________     _________
Total Assets                              2,517,718     2,629,769

LIABILITIES AND PARTNER'S CAPITAL

Current Liabilities
    Current maturities of notes
      and mortgages payable                  36,302        32,993
    Accounts Payable - Trade                  2,670         5,983
    Accrued Expenses                         53,649        14,600
    Customer and Security Deposits           16,702         8,926
                                          _________     _________
    Total Current Liabilities               109,323        62,502

NOTES AND MORTGAGES PAYABLE               1,561,083     1,588,381

PARTNERS'S CAPITAL
    General Partners Capital                 65,058        65,058
    Limited Partners Capital                913,828       913,828
    Net Loss                               (131,574)            0
                                          __________   __________
    Total Partners Equity                   847,312       978,886

    Total Liabilities and
    Partners Capital                      2,517,718     2,629,769

See Accompanying Notes to the Financial Statements

</TABLE>

PAGE 3<PAGE><PAGE>
<TABLE>
<CAPTION>
                          FLORIDA INCOME FUND, L.P.
                            STATEMENTS OF INCOME
                                 (Unaudited)




                    For Three Months EndedFor Nine Months Ended
                    09/30/99     09/30/98    09/30/99   09/30/98
                    ______________________
_____________________
<S>                 <C>         <C><C><C>
REVENUES:

Rental Income        72,391     119,465280,933351,788
Interest Income           0          15      15     45
                    _______     _______ ______________
    Total Income     72,391     119,480280,948351,833



COSTS AND EXPENSES:

Depreciation         27,553      27,510 82,656 82,368
Property Expenses    92,852      55,122193,738180,271
Interest and
  Financing costs    42,476      43,299128,064130,467
  Other Expense       2,688       2,688   8,064  8,064
                    _______     _______ ______________
  Total Costs and
  Expenses          165,569     128,619412,522401,170

   Net (Loss)(93,178)     (9,139)    (131,574)(49,337)

</TABLE>







See Accompanying Notes to the Financial Statements




PAGE 4<PAGE><PAGE>
<TABLE>
<CAPTION>
                        FLORIDA INCOME FUND, L.P.
                        STATEMENTS OF CASH FLOWS
                               (Unaudited)
                                                  For Nine Months
Ended
                                                  09/30/99
09/30/98

______________________
<S>                                                <C>
<C>
Cash flows from operating activities

Net (Loss)                               (131,574)    (49,337)

Adjustments to reconcile net income to net
 cash provided by operational activities
     Depreciation and Amortization                  90,720
90,432
     (Increase) decrease in accounts receivables    25,818
(17,477)
     (Increase) decrease in prepaid expenses       (42,388)
(47,236)
     Increase (decrease) in accounts
      payable and accrued expenses                  35,736
32,741
     Increase (decrease) in security deposits        7,776
  0
                                                   ________
________
Net cash flows provided by (used by) operating     (13,912)
9,123
 activities

Cash flows from investing activities
     Improvements to rental properties                   0
(3,069)
                                                  _________
_________
     Net cash used in investing activities               0
(3,069)

Cash flows from financing activities
     Repayment of long term borrowings
      to unaffiliated companies                    (23,989)
(21,587)
     Partner distributions paid                          0
(42,164)
                                                   ________
________
     Net cash flows used by financing activities   (23,989)
(63,751)

     Net increase (decrease) in cash               (37,901)
(57,697)

     Cash December 31                               49,310
101,791

     Cash September 30                              11,409
44,094

</TABLE>

See Accompanying Notes to the Financial Statements
PAGE 5<PAGE><PAGE>
                   FLORIDA INCOME FUND, L.P.
                 NOTES TO FINANCIAL STATEMENT
                        SEPTEMBER 30, 1999
                          (Unaudited)

NOTE 1 - BASIS OF PRESENTATION

The accompanying financial statements have been prepared in
accordance with the instructions to Form 10-Q and therefore do
not include all disclosures necessary for a fair presentation of
the Partnerships' financial position, results of operations and
cash flows in conformity with generally accepted accounting
principles, as set forth in the Partnerships' Form 10-K for the
period ended December 31, 1998.  In management's opinion, all
adjustments have been made to the financial statements necessary
for a fair presentation of interim periods presented.


NOTE 2 - RELATED PARTY TRANSACTIONS

During the nine month period ended September 30, 1999, and
September 30,
1998, the Partnership paid $0 and $3,886 in Management Fees to
Mariner Capital Management, Inc., the Managing General Partner,
in accordance with the Partnership Agreement.  These expenses are
included in the property expenses.  The General Partners and
their affiliates are also entitled to reimbursement of costs
(including amounts of any salaries paid to employees or its
affiliates) directly attributable to the operation of the
Partnership that could have been provided by independent parties.
Costs amounting to $0 were incurred during the third quarter of
1999.  This compares to $0 of costs that were incurred during the
third quarter of 1998.


NOTE 3 - BALANCE SHEET

The Balance Sheet at December 31, 1998, has been taken from the
Audited Financial Statements at that date.


NOTE 4- MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS

Liquidity

The Partnership's cash position including interest bearing
deposits at September 30, 1999, was $11,409.  This compares to
its
cash position of $49,310 at December 31, 1998.  At September 30,
1998, the Partnership's cash position was $44,094.


PAGE 6<PAGE><PAGE>

Liquidity - Continued

The decrease in cash from December 31, 1998, to September 30,
1999,
was primarily due to the following factors.  Cash used by
operations was $13,912, payments for property improvements were
$0, principal pay downs of debt totalled $23,989.  Partner
distributions totalled $0.  The Partnership's total investment in
properties for its portfolio at June 30, 1999, was $3,847,785.
This compares to its total property investment at December 31,
1998 of $3,847,785.

The management company, South Seas Resorts Company (SSRC), an
affiliate of the general partner signed an option agreement to
acquire the Seaside Inn on or before January 1997, at a price of
$6,485,000. This price assumed renovations of $335,000 of which
$330,000 has been funded to date. Since the transaction was
between affiliated companies, the general partner was required to
seek approval from the limited partners of (1) the option terms
and (2) an amendment of the partnership agreement to permit the
sale to an affiliate. That approval was solicited in August 1996.
Once approved the transaction still represented an option,
however SSRC closed on the purchase of this property in January
1997 as reported in an 8-K filed January 15, 1997.  The sale
generated approximately $2,725,000 which was available for
distribution to the partners.

The Partnership sold the Villas Plaza to an unrelated purchaser
on March 20, 1997 at a price of $1,900,000 as reported in an 8-K
filed on April 2, 1997.  The sale generated approximately
$620,000 which was available for distribution to the partners.

The Partnership sold Corporate Office Park to an unrelated
purchaser on October 1, 1997 at a price of $750,000 as reported
in an 8-K filed October 1, 1997.  The sale generated
approximately $395,000 which was distributed to the partners.

The sale of Seaside Inn, the Villas Plaza and Corporate Park
resulted in a material reduction in both partnership assets,
partnership debt and partnership liquidity.

Other than as discussed herein, there are no known trends,
demands, commitments, events or uncertainties that in
management's opinion, will result or are reasonably likely to
result in the registrant's liquidity increasing or decreasing in
any material way.

Capital Resources

The Partnerships outstanding debt as of September 30, 1999 was
$1,597,385.  This compares to debt outstanding December 31, 1998
of $1,621,374.  The Partnership had $1,628,959 of outstanding
debt at September 30, 1998.


PAGE 7<PAGE><PAGE>

Year 2000

Many existing computer programs use only two digits to identify a
year (for example, "98" is used to represent "1998").  Such
programs read "00" as the year 1900, and thus may not recognize
dates beginning with the year 2000, or many otherwise produce
erroneous results or cease processing when dates after 1999 are
encountered.  Such failures could cause disruptions in normal
business operations.

In 1998, the Partnership inventoried and assessed the critical
information systems that impact operations and financial
reporting in order to develop a strategy to address required
computer software changes and upgrades relating to such
operations.  A plan to test and, as necessary, replace, upgrade
or repair these systems was developed, implemented, and completed
in 1998.  Replacement and upgrades included release upgrades of
packaged software for the Partnership financial recordkeeping
system.  The cost of the project was less than $1,000 and
expensed in accordance with appropriate accounting policies.

The Partnership inventoried and assessed the Year 2000 issues
that impact it, however it cannot identify the potential problems
that may originate with third parties outside the Partnership's
control.

Given the fact that the Partnership assessed any Year 2000
systems and equipment issues and completed any required
corrections, it believes all costs to the Partnership's
operations, financial condition and results of operations have
already been incurred.

Results of Operations

The Partnership's net loss for the nine months ended September
30,
1999, was $131,574.  This compares with net loss of $49,337 for
the same period a year ago.

For the nine month period ended September 30, 1999, total revenue
decreased by $70,885 as compared to the same period one year ago.
This decrease was primarily attributable to higher delinquencies
at Edison Square and a decrease in occupancy. At September 30,
1999 Edison
Square was 62% occupied.

For the nine months ended September 30, 1999, depreciation
expense
has increased by $288.

Property expenses increased $13,467 for the nine month period
primarily
because of property repairs and maintenance.

For the nine months, interest expense has decreased $2,403 mainly
due to a decrease in the amount of outstanding debt.



PAGE 8


<PAGE>

Results of Operations - continued

The Partnership indebtedness decreased by $31,574 from the time
period September 30, 1998, to September 30, 1999. As of September
30, 1999
the Partnership had an outstanding debt of $1,597,385 compared to
$1,628,959 at September 30, 1998.  The Partnership's outstanding
debt
as of December 31, 1998, was $1,621,374.

Property and equipment was $3,847,785 at September 30,1998, and
$3,847,785 at
September 30, 1999.  Property and equipment was $3,847,785 as of
December 31,
1998.

For the quarter ended September 30, 1999, the cash distribution
to
partners totalled $0. Distributions for the nine month period
totalled $0.










































PAGE 9<PAGE><PAGE>
                            PART II
                       OTHER INFORMATION
                  FLORIDA INCOME FUND, L.P.




ITEM 1.   LEGAL PROCEEDINGS

          NONE


ITEM 2.   CHANGES IN SECURITIES
          NONE


ITEM 3.   DEFAULTS UPON SENIOR SECURITIES

          NONE


ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

          NONE


ITEM 5.   OTHER MATERIALLY IMPORTANT EVENTS

          NONE


ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K

          NONE












PAGE 10<PAGE><PAGE>

                           PART III
                          SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.


                             FLORIDA INCOME FUND, L.P.
                             MARINER CAPITAL MANAGEMENT, INC.
                             MANAGING GENERAL PARTNER
                             (Registrant)





             11/10/99        By: /s/ ALLEN G. TEN BROEK
                             --------------------------------
                             Allen G. Ten Broek
                             President, Director and CEO
                             Mariner Capital Management, Inc.
                             (Principal Executive Officer)






             11/10/99        By: /s/ LINDA SUSZEK
                             --------------------------------
                             Linda Suszek
                             Asst. Secretary/Treasurer
                             Mariner Capital Management, Inc.
                             (Principal Financial and Accounting
                              Officer)












PAGE 11