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 MARCH 31, 1998.

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 March 31, 1998
    and December 31, 1997 . . . . . . . . . . . . . . . . . .3


    Statements of Income for the Three
    Months Ended March 31, 1998 and 1997. . . . . . . . . . .4


    Statements of Cash Flows for the Three
    Months Ended March 31, 1998 and 1997. . . . . . . . . . .5


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


    Management's Discussion and Analysis of
    Financial Condition and Results of Operations . . . . .6-8




PART II

    OTHER INFORMATION

    Items 1 through 6 . . . . . . . . . . . . . . . . . . . .9



PART III

    Signatures. . . . . . . . . . . . . . . . . . . . . . . 10


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)

                                          March 31     Dec. 31
                                          1998         1997 
                                          _______________________
<S>                                       <C>            <C>
ASSETS

Current Assets
    Cash                                     94,224        101,791 
    A/R Trade                                23,711         27,466 
    Prepaid Expenses and Other               63,697         48,826 
                                            _______        _______ 
    Total Current Assets                    181,632        178,083 

Rental Properties, Net of Accumulated
    Depreciation of $1,308,602 at 
    03/31/98 and $1,281,205 at 12/31/97   2,536,113      2,563,510 

Intangible Assets
    Deferred Loan Costs                      45,251         47,939 
                                          _________      _________ 
Total Assets                              2,762,996      2,789,532 

LIABILITIES AND PARTNER'S CAPITAL

Current Liabilities
    Current maturities of notes 
      and mortgages payable                  29,952         29,171 
    Accounts Payable - Trade                  7,022          7,998 
    Accrued Expenses                         29,579         14,600 
    Customer and Security Deposits            8,926          8,926 
                                          _________      _________ 
    Total Current Liabilities                75,479         60,695 

NOTES AND MORTGAGES PAYABLE               1,613,588      1,621,375 

PARTNERS'S CAPITAL
    General Partners Capital                 71,487         71,487 
    Limited Partners Capital              1,015,939      1,035,975 
    Net Loss                                (13,497)             0 
                                          __________     __________
    Total Partners Equity                 1,073,929      1,107,462 

    Total Liabilities and 
    Partners Capital                      2,762,996      2,789,532 

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 Ended
                                     03/31/98   03/31/97
                                     ______________________
<S>                                  <C>        <C>
REVENUES:

Sale Proceeds                              0    8,385,000
Rental Income                        118,739      238,514
Interest Income                           14           13
                                     _______    _________
    Total Income                     118,753    8,623,527



COSTS AND EXPENSES:

Cost of Sales                              0    4,462,275
Depreciation                          27,399       57,411
Property Expenses                     46,623      128,852
Real Estate Taxes                     11,862       11,808
Interest and 
  Financing costs                     43,678       81,329
  Other Expense                        2,688        2,688
                                     _______    _________
  Total Costs and
  Expenses                           132,250    4,744,363

    Net Income (Loss)                (13,497)   3,879,164



</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 Three Months Ended
                                                  03/31/97      03/31/96
                                                  ______________________
<S>                                                <C>       <C>
Cash flows from operating activities

Net Income (Loss)                                  (13,497)  3,879,164 

Adjustments to reconcile net income to net
 cash provided by operational activities
     Cost of Sales                                       0   4,230,550 
     Depreciation and Amortization                  30,087      70,158 
     (Increase) decrease in accounts receivables     3,753      (3,699)
     (Increase) decrease in prepaid expenses       (14,871)     31,598 
     Increase (decrease) in accounts
      payable and accrued expenses                  14,003    (132,289)
     Increase (decrease) in security deposits            0    (125,773)
                                                   ________  __________
Net cash flows provided by operating activities     19,475   7,949,709 

Cash flows from investing activities
     Improvements to rental properties                   0           0 
                                                  _________   _________
     Net cash used in investing activities               0           0 

Cash flows from financing activities
     Repayments of long term borrowings
      to affiliated companies                            0     (1,120,000)
     Repayment of long term borrowings
      to unaffiliated companies                     (7,006) (3,162,949)
     Partner distributions paid                    (20,036) (3,434,011)
     Deposit on Sale                                     0    (425,883)
                                                 __________ ___________
     Net cash flows used by financing activities   (27,042) (8,142,843)

     Net increase (decrease) in cash                (7,567)   (193,134)

     Cash December 31                              101,791     334,144 

     Cash March 31                                  94,224     141,010 

</TABLE>

See Accompanying Notes to the Financial Statements
PAGE 5<PAGE>
<PAGE>
                   FLORIDA INCOME FUND, L.P.
                 NOTES TO FINANCIAL STATEMENT
                        MARCH 31, 1997
                          (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, 1997.  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 three month period ended March 31, 1998, and March 31,
1997, the Partnership paid $3,886 and $4,754 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 first quarter of
1998.  This compares to $11,147 of costs that were incurred
during the first quarter of 1997.


NOTE 3 - BALANCE SHEET

The Balance Sheet at December 31, 1997, 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 March 31, 1998, was $94,224.  This compares to its
cash position of $101,791 at December 31, 1997.  At March 31,
1997, the Partnership's cash position was $141,010.


PAGE 6<PAGE>
<PAGE>

Liquidity - Continued

The decrease in cash from December 31, 1997, to March 31, 1998,
was primarily due to the following factors.  Cash provided by
operations was $19,475, payments for property improvements were
$0, principal pay downs of debt totalled $7,006.  Partner
distributions totalled $20,036.  The Partnership's total
investment in properties for its portfolio at March 31, 1998, was
$3,844,715.  This compares to its total property investment at
December 31, 1997 of $3,844,715.  

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 March 31, 1998 was
$1,643,540.  This compares to debt outstanding December 31, 1997
of $1,650,546.  The Partnership had $1,948,352 of outstanding
debt at March 31, 1997.


PAGE 7<PAGE>
<PAGE>

Results of Operations

The Partnership's net loss for the three months ended March 31,
1998, was $13,497.  This compares with net income of $3,879,164
for the same period a year ago.  

The major variances from a year ago are due primarily to the sale
of the three properties referenced above.

For the three month period ended March 31, 1998, total revenue
decreased by $8,504,774 as compared to the same period one year
ago.  This decrease was primarily attributable to the property
sales.

Edison Square's revenue decreased mainly due to a decrease in
occupancy.  At March 31, 1998, Edison Square was 90% occupied.

For the three months ended March 31, 1998, depreciation expense
has decreased by $30,012.  

Property expenses decreased $82,229 for the three month period
primarily because of the sales of the three properties.

For the three months, interest expense has decreased $37,651
mainly due to a decrease in the amount of outstanding debt.

The Partnership indebtedness decreased by $304,812 from the time
period March 31, 1997, to March 31, 1998.  As of March 31, 1998,
the Partnership had an outstanding debt of $1,643,540 compared to
$1,948,352 at March 31, 1997.  The Partnership's outstanding debt
as of December 31, 1997, was $1,650,546.  

Property and equipment has decreased from $4,848,009 at March 31,
1997, to $3,844,715 at March 31, 1998.  Property and equipment
was $3,844,715 as of December 31, 1997.

For the quarter ended March 31, 1998, the cash distribution to
partners totalled $20,036.  












PAGE 8<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 9<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)





              5/12/98        By: /s/ ALLEN G. TEN BROEK  
                             --------------------------------
                             Allen G. Ten Broek  
                             President, Director and CEO
                             Mariner Capital Management, Inc.
                             (Principal Executive Officer)
                             





              5/12/98        By: /s/ ELAINE HAWKINS     
                             --------------------------------
                             Elaine Hawkins   
                             Secretary/Treasurer
                             Mariner Capital Management, Inc.
                             (Principal Financial and Accounting
                              Officer)
                             















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