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, 1997.

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 675
     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, 1997
    and December 31, 1996 . . . . . . . . . . . . . . . . . .3


    Statements of Income for the Three and Nine
    Months Ended September 30, 1997 and 1996. . . . . . . . .4


    Statements of Cash Flows for the Nine
    Months Ended September 30, 1997 and 1996. . . . . . . . .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)

                                          Sept 30        Dec. 31
                                          1997           1996 
                                          ________________________
<S>                                       <C>            <C>
ASSETS

Current Assets
    Cash                                     95,156        334,144 
    A/R Trade                                41,303         54,295 
    Prepaid Expenses and Other               86,531         86,025 
                                            _______      _________ 
    Total Current Assets                    222,990        474,464 

Rental Properties, Net of Accumulated
    Depreciation of $1,668,978 at 
    09/30/97 and $3,543,798 at 12/31/96   3,206,881      7,544,846 

Intangible Assets
    Deferred Loan Costs                      51,044         70,001 
                                          _________      _________ 
Total Assets                              3,480,915      8,089,311 

LIABILITIES AND PARTNER'S CAPITAL

Current Liabilities
    Current maturities of notes 
      and mortgages payable                 305,782      3,183,070 
    Accounts Payable - Trade                  9,323         59,273 
    Accrued Expenses                         11,523         80,249 
    Customer and Security Deposits           16,225        141,063 
    Deposit on Sale of Rental Property            0        425,883 
                                          _________      _________ 
    Total Current Liabilities               342,853      3,889,538 

NOTES AND MORTGAGES PAYABLE               1,349,353      1,648,231 
NOTES AND MORTGAGES PAYABLE TO AFFILIATES   280,000      1,400,000 

PARTNERS'S CAPITAL
    General Partners Capital               (121,815)      (113,913)
    Limited Partners Capital             (2,239,755)     1,265,455 
    Net Income                            3,870,279              0 
                                          __________     __________
    Total Partners Equity                 1,508,709      1,151,542 

    Total Liabilities and 
    Partners Capital                      3,480,915      8,089,311 

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 For Nine Months Ended
                          09/30/97   09/30/96    09/30/97     09/30/96
                          ________   ________    ________     ________
<S>                       <C>        <C>         <C>          <C>
REVENUES:

Sales Proceeds                  0          0     8,385,000            0
Rental Income             155,382    489,260       551,111    1,924,968
Interest                       15      2,109            42        6,645
                          ________   _______     _________    _________
    Total Income          155,397    491,369     8,936,153    1,931,613


COSTS AND EXPENSES:

Cost of Sales                   0          0     4,462,275            0
Depreciation               41,248     76,195       135,264      230,940
Property Expenses          58,833    264,331       273,666      907,718
Interest and 
  Financing costs          55,506    169,184       186,605      507,569
  Other Expense             2,688     16,407         8,064       33,253
                          ________   _______     _________    _________
  Total Costs and
  Expenses                158,275    526,117     5,065,874    1,679,480

    Net Income (Loss)      (2,878)   (34,748)    3,870,279      252,133



</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
                                                 09/30/97      09/30/96
                                                 ______________________
<S>                                              <C>           <C>
Cash flows from operating activities

Net Income                                       3,870,279     252,133 

Adjustments to reconcile net income to net
 cash provided by operational activities
     Cost of Sales                               4,230,550           0 
Depreciation and Amortization                      154,222     264,193 
     (Increase) decrease in accounts receivables    12,992     (20,478)
(Increase) decrease in prepaid expenses               (506)    (68,709)
     Increase (decrease) in accounts
      payable and accrued expenses                (118,676)    149,497 
     Increase (decrease) in security deposits     (124,838)    (20,229)
                                                 __________    ________
Net cash flows provided by operating activities  8,024,023     556,407 

Cash flows from investing activities
     Improvements to rental properties             (27,850)     (6,491)
                                                  _________    ________
     Net cash used in investing activities         (27,850)     (6,491)

Cash flows from financing activities
     Repayments of long term borrowings
      to affiliated companies                   (1,120,000)           0
     Repayment of long term borrowings
      to unaffiliated companies                 (3,176,166)    (51,035)
     Loan origination fees paid                        -0-           0 
     Partner distributions paid                 (3,513,112)   (184,345)
     Deposit on Sale                              (425,883)          0 
                                                ___________    ________
     Net cash flows used by financing activities(8,235,161)    235,380 

     Net increase (decrease) in cash              (238,988)    314,536 

     Cash December 31                              334,144      72,979 

     Cash Sept 30                                   95,156     387,515 

</TABLE>

See Accompanying Notes to the Financial Statements

PAGE 5<PAGE>
<PAGE>
                   FLORIDA INCOME FUND, L.P.
                 NOTES TO FINANCIAL STATEMENT
                      SEPTEMBER 30, 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, 1996.  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 September 30, 1997, and
September 30, 1996, the Partnership paid $2,995 and $5,041 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 $6,450 were incurred
during the third quarter of 1997.  This compares to $6,450 of
costs that were incurred during the third quarter of 1996.


NOTE 3 - BALANCE SHEET

The Balance Sheet at December 31, 1996, 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, 1997, was $95,156.  This compares to
its cash position of $334,144 at December 31, 1996.  At September
30, 1996, the Partnership's cash position was $387,515.


PAGE 6<PAGE>
<PAGE>

Liquidity - Continued

The decrease in cash from December 31, 1996, to September 30,
1997, was primarily due to the following factors.  Cash provided
by operations was $8,024,023, payments for property improvements
were $27,850, principal pay downs of debt totalled $4,296,116 and
deposit on sale decreased $425,883.  Partner distributions
totalled $3,513,112.  The Partnership's total investment in
properties for its portfolio at September 30, 1997, was
$4,875,859.  This compares to its total property investment at
December 31, 1996 of $11,088,644.  

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 sale of Seaside Inn and the Villas Plaza resulted in a
material reduction in both partnership assets and partnership
debt.

As of September 30, 1997, the Partnership had a contract to sell
Corporate Park for a price of $750,000.  The sale closed on
October 1, 1997 as reported in an 8-K filing dated October 1,
1997.

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, 1997 was
$1,935,135.  This compares to debt outstanding December 31, 1996
of $6,231,301.  The Partnership had $6,248,660 of outstanding
debt at September 30, 1996.


PAGE 7<PAGE>
<PAGE>

Results of Operations

The Partnership's net income for the nine months ended September
30, 1997, was $3,870,279.  This compares with net income of
$252,133 for the same period a year ago.  

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

For the nine month period ended September 30, 1997, total revenue
increased by $7,004,540 as compared to the same period one year
ago.  This increase was primarily attributable to the property
sales.

Corporate Park's and Edison Square's revenue increased mainly due
to increases in lease rates.  At September 30, 1997, Corporate
Park was 100% occupied, and Edison Square was 86% occupied.

For the nine months ended September 30, 1997, depreciation
expense has decreased by $95,676.  

Property expenses decreased $634,052 for the nine month period
primarily because of the sales of the Seaside Inn and the Villas
Plaza.

For the nine months, interest expense has decreased $320,964
mainly due to a decrease in the amount of outstanding debt.

The Partnership indebtedness decreased by $4,313,525 from the
time period September 30, 1996, to September 30, 1997.  As of
September 30, 1997, the Partnership had outstanding debt of
$1,935,135 compared to $6,248,660 at September 30, 1996.  The
Partnership's outstanding debt as of December 31, 1996, was
$6,231,301.  Other expenses decreased $25,189.

Property and equipment has decreased from $11,283,139 at
September 30, 1996, to $4,875,859 at September 30, 1997. 
Property and equipment was $11,088,644 as of December 31, 1996.

For the quarter ended September 30, 1997, the cash distribution
to partners totalled $39,513.  The distributions for the nine
month period totalled $3,513,112.












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)





              10/31/97       By: /s/ LAWRENCE A. RAIMONDI
                             --------------------------------
                             Lawrence A. Raimondi
                             President, Director and CEO
                             Mariner Capital Management, Inc.
                             (Principal Executive Officer)
                             





              10/31/97       By: /s/ JOE K. BLACKETER   
                             --------------------------------
                             Joe K. Blacketer
                             Secretary/Treasurer
                             Mariner Capital Management, Inc.
                             (Principal Financial and Accounting
                              Officer)
                             















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