FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                Quarterly Report Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934


For the Quarter Ended                                  Commission File Number
June 30, 1997                                                0-14386

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP IV
             (Exact Name of Registrant as specified in its charter)

      Delaware                                         16-1245153
--------------------                      ------------------------------------ 
(State of Formation)                      (IRS Employer Identification Number)


2350 North Forest Road
Suite 12 A
Getzville, New York  14068
(Address of Principal Executive Office)

Registrant's Telephone Number:      (716) 636-0280

Indicate  by a check mark  whether  the  Registrant:  (1) 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 (2) has been subject to such
filing requirements for the past 90 days. Yes  X   No
                                              ---     ---
 
Indicate by a check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best  of  the  registrant's   knowledge,  in  definitive  proxy  or  information
statements  incorporated  by  reference  in part  III of this  Form  10-Q or any
amendment to this Form 10-Q. (X)

As of June 30,  1997 the  issuer  had  23,365.9  units  of  limited  partnership
interest outstanding.


<PAGE>

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP IV
               --------------------------------------------------

                                      INDEX
                                      -----


                                                                      PAGE NO.
                                                                      --------
PART I:     FINANCIAL INFORMATION
-------     ---------------------

            Balance Sheets -
                  June 30, 1997 and December 31, 1996                   3

            Statements of Operations -
                  Three Months Ended June 30, 1997 and 1996             4

            Statements of Operations -
                  Six Months Ended June 30, 1997 and 1996               5

            Statements of Cash Flows -
                  Six Months Ended June 30, 1997 and 1996               6

            Statements of Partners' (Deficit) -
                  Six Months Ended June 30, 1997 and 1996               7

            Notes to Financial Statements                             8 - 18


PART II:    MANAGEMENT'S DISCUSSION & ANALYSIS OF
--------    FINANCIAL CONDITION & RESULTS OF
            --------------------------------
            OPERATIONS                                               19 - 20
            ----------


















                                       -2-

<PAGE>


               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP IV
                                 BALANCE SHEETS
                       June 30, 1997 and December 31, 1996
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                           June 30      December 31,
                                                             1997           1996
                                                             ----           ----
<S>                                                    <C>             <C>         
ASSETS

Property, at cost:
     Land                                              $  1,773,922    $  1,773,922
     Buildings and improvements                          28,070,956      27,898,057
     Furniture, fixtures and equipment                    2,711,794       2,711,794
                                                       ------------    ------------
                                                         32,556,672      32,383,773
     Less accumulated depreciation                       13,899,255      13,753,437
                                                       ------------    ------------
          Property, net                                  18,657,417      18,630,336

Escrow deposits                                             973,661         764,566
Interest and other receivables                              589,642         591,255
Prepaid expenses                                             71,468         216,629
Prepaid commissions, net of accumulated amortization
     of $136,746 and $122,454                                34,469          14,932
Mortgage costs, net of accumulated amortization
     of $522,003 and $493,159                               239,997         265,953
Other assets                                                  9,915           4,455
                                                       ------------    ------------

           Total Assets                                $ 20,576,569    $ 20,488,126
                                                       ============    ============


LIABILITIES AND PARTNERS' (DEFICIT)

Liabilities:
     Cash overdraft                                    $    489,038    $    138,032
     Mortgages and notes payable                         18,811,433      18,939,324
     Accounts payable and accrued expenses                  955,327         864,429
     Accounts payable - affiliates                        3,263,141       3,167,754
     Accrued interest                                       212,424         172,452
     Security deposits and prepaid rents                    417,384         395,123
                                                       ------------    ------------
           Total Liabilities                             24,148,747      23,677,114
                                                       ------------    ------------

Minority interest in joint venture                           14,776          18,477
                                                       ------------    ------------

Partners' (Deficit):
     General partners                                      (680,588)       (669,203)
     Limited partners                                    (2,906,366)     (2,538,262)
                                                       ------------    ------------
          Total Partners' (Deficit)                      (3,586,954)     (3,207,465)
                                                       ------------    ------------

          Total Liabilities and Partners' (Deficit)    $ 20,576,569    $ 20,488,126
                                                       ============    ============
</TABLE>




                        See notes to financial statements

                                       -3-

<PAGE>

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP IV
                            STATEMENTS OF OPERATIONS
                    Three Months Ended June 30, 1997 and 1996
                                   (Unaudited)

                                                     Three Months   Three Months
                                                         Ended          Ended
                                                       June 30,       June 30,
                                                         1997           1996
                                                         ----           ----

Income:
     Rental                                          $ 1,261,306    $ 1,200,395
     Interest and other income                            88,333         79,839
                                                     -----------    -----------
     Total income                                      1,349,639      1,280,234
                                                     -----------    -----------

Expenses:
     Property operations                                 771,192        674,519
     Interest:
          Paid to affiliates                              63,995         62,216
          Other                                          397,133        379,923
     Depreciation and amortization                        88,636        275,558
     Administrative:
          Paid to affiliates                             123,142        100,624
          Other                                          110,618        118,006
                                                     -----------    -----------
     Total expenses                                    1,554,716      1,610,846
                                                     -----------    -----------

Loss before allocated loss from joint venture           (205,077)      (330,612)

Loss allocated to minority interest                        1,308              0
                                                     -----------    -----------

Net loss                                             ($  203,769)   ($  330,612)
                                                     ===========    ===========

Loss per limited partnership unit                    ($     8.46)   ($    13.72)
                                                     ===========    ===========

Distributions per limited partnership unit           $      0.00    $      0.00
                                                     ===========    ===========

Weighted average number of
     limited partnership units
     outstanding                                          23,366         23,366
                                                     ===========    ===========






                        See notes to financial statements

                                       -4-

<PAGE>

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP IV
                            STATEMENTS OF OPERATIONS
                     Six Months Ended June 30, 1997 and 1996
                                   (Unaudited)

                                                     Six Months      Six Months
                                                        Ended          Ended
                                                      June 30,        June 30,
                                                        1997            1996
                                                        ----            ----

Income:
     Rental                                          $ 2,581,692    $ 2,584,882
     Interest and other income                           176,340        188,391
                                                     -----------    -----------
     Total income                                      2,758,032      2,773,273
                                                     -----------    -----------

Expenses:
     Property operations                               1,447,294      1,335,876
     Interest:
          Paid to affiliates                             154,804        125,439
          Other                                          786,970        798,056
     Depreciation and amortization                       184,854        514,291
     Administrative:
          Paid to affiliates                             253,605        187,820
          Other                                          313,695        285,500
                                                     -----------    -----------
     Total expenses                                    3,141,222      3,246,982
                                                     -----------    -----------

Loss before allocated loss from joint venture           (383,190)      (473,709)

Loss allocated to minority interest                        3,701         19,812
                                                     -----------    -----------

Net loss                                             ($  379,489)   ($  453,897)
                                                     ===========    ===========

Loss per limited partnership unit                    ($    15.75)   ($    18.84)
                                                     ===========    ===========

Distributions per limited partnership unit           $      0.00    $      0.00
                                                     ===========    ===========

Weighted average number of
     limited partnership units
     outstanding                                          23,366         23,366
                                                     ===========    ===========






                        See notes to financial statements

                                       -5-

<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP IV
                            STATEMENTS OF CASH FLOWS
                     Six Months Ended June 30, 1997 and 1996
                                   (Unaudited)

                                                          Six Months  Six Months
                                                             Ended      Ended
                                                           June 30,    June 30,
                                                             1997        1996
                                                             ----        ----
Cash flow from operating activities:
     Net loss                                            ($379,489)   ($453,897)

Adjustments to reconcile net loss to net cash
     (used in) operating activities:
     Depreciation and amortization                         184,854      514,291
     Loss allocated to minority interest                    (3,701)     (19,812)
Changes in operating assets and liabilities:
     Escrow deposits                                      (209,095)           0
     Interest and other receivables                          1,613       28,617
     Prepaid expenses                                      145,161            0
     Prepaid commissions                                   (29,729)           0
     Other assets                                           (5,460)    (685,841)
     Accounts payable and accrued expenses                  90,898       60,660
     Accrued interest                                       39,972      (70,000)
     Security deposits and prepaid rent                     22,261      (51,186)
                                                         ---------    ---------
Net cash (used in) operating activities                   (142,715)    (677,168)
                                                         ---------    ---------
Cash flow from investing activities:
     Capital expenditures                                 (172,899)           0
                                                         ---------    ---------
     Net cash (used in) investing activities              (172,899)           0
                                                         ---------    ---------
Cash flows from financing activities:
     Mortgage costs                                         (2,888)    (182,620)
     Cash overdraft                                        351,006      (46,747)
     Accounts payable - affiliates                          95,387      401,374
     Principal payments on mortgages and notes            (127,891)    (276,175)
     Proceeds from mortgage                                      0      781,336
                                                         ---------    ---------
Net cash provided by financing activities                  315,614      677,168
                                                         ---------    ---------

Increase (decrease) in cash                                      0            0

Cash - beginning of period                                       0            0
                                                         ---------    ---------

Cash - end of period                                     $       0    $       0
                                                         =========    =========

Supplemental Disclosure of Cash Flow Information:
     Cash paid for interest                              $ 746,998    $ 868,056
                                                         =========    =========

                        See notes to financial statements

                                       -6-

<PAGE>




                            REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP IV
                                       STATEMENTS OF PARTNERS' (DEFICIT) 
                                   Six Months Ended June 30, 1997 and 1996
                                                (Unaudited)


                                      General            Limited Partners
                                     Partners       ---------------------------
                                      Amount           Units          Amount
                                      ------           -----          ------

Balance, January 1, 1996           ($  678,636)          23,366     ($2,843,271)

Net loss                               (13,617)               0        (440,280)
                                   -----------      -----------     -----------

Balance, June 30, 1996             ($  692,253)          23,366     ($3,283,551)
                                   ===========      ===========     ===========


Balance, January 1, 1997           ($  669,203)          23,366     ($2,538,262)

Net loss                               (11,385)               0        (368,104)
                                   -----------      -----------     -----------

Balance, June 30, 1997             ($  680,588)          23,366     ($2,906,366)
                                   ===========      ===========     ===========





















                        See notes to financial statements


                                       -7-

<PAGE>

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP IV
                          NOTES TO FINANCIAL STATEMENTS
                     Six Months Ended June 30, 1997 and 1996
                                   (Unaudited)

1.    GENERAL PARTNERS' DISCLOSURE
      ----------------------------

      In the opinion of the General  Partners  of  Realmark  Property  Investors
      Limited Partnership IV, all adjustments  necessary for a fair presentation
      of the Partnership's financial position, results of operations and changes
      in cash flows for the six month periods ended June 30, 1997 and 1996, have
      been made in the  financial  statements.  Such  financial  statements  are
      unaudited and subject to any year-end adjustments which may be necessary.

2.    FORMATION AND OPERATION OF PARTNERSHIP
      --------------------------------------

      Realmark Property Investors Limited Partnership IV (the "Partnership"),  a
      Delaware Limited  Partnership,  was formed on February 12, 1985, to invest
      in a diversified portfolio of income-producing real estate investments.

      In April 1985, the  Partnership  commenced the public offering of units of
      limited partnership interest. Other than matters relating to organization,
      it had no business  activities  and,  accordingly,  had not  incurred  any
      expenses or earned any income  until the first  interim  closing  (minimum
      closing) of the  offering,  which  occurred on September 20, 1985. On June
      22, 1986 the  offering  was  concluded,  at which time  23,362.9  units of
      limited partnership  interest were outstanding,  excluding 3 units held by
      an affiliate of the General  Partners.  The General  Partners are Realmark
      Properties, Inc., a wholly-owned subsidiary of J.M. Jayson & Company, Inc.
      and Joseph M. Jayson, the Individual General Partner.  Joseph M. Jayson is
      the sole shareholder of J.M. Jayson & Company, Inc.

      Under the partnership agreement, the general partners and their affiliates
      can receive  compensation  for  services  rendered and  reimbursement  for
      expenses incurred on behalf of the Partnership.

      Net income or loss and proceeds  arising from a sale or refinancing  shall
      be distributed first to the limited partners in amounts equivalent to a 7%
      return on the average of their  adjusted  capital  contributions,  then an
      amount equal to their  capital  contributions,  then an amount equal to an
      additional 5% of the average of their adjusted capital contributions after
      the general partners receive a disposition fee, then to all partners in an
      amount equal to their respective  positive capital balances and,  finally,
      in the  ratio  of  87% to the  limited  partners  and  13% to the  general
      partners.





                                       -8-

<PAGE>

      FORMATION AND OPERATION OF PARTNERSHIP (CONTINUED)
      --------------------------------------------------

      The  partnership  agreement  also  provides  that  distribution  of funds,
      revenues,   costs  and  expenses  arising  from  partnership   activities,
      exclusive of any sale or refinancing  activities,  are to be allocated 97%
      to the limited partners and 3% to the general partners.

3.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
      ------------------------------------------

      Cash
      ----

      For purposes of reporting cash flows,  cash includes the following  items:
      cash on hand; cash in checking; and money market savings.

      Property and Depreciation
      -------------------------

      Depreciation is provided using the straight-line method over the estimated
      useful lives of the respective  assets.  Expenditures  for maintenance and
      repairs are expensed as incurred,  and major renewals and  betterments are
      capitalized. The Accelerated Cost Recovery System and Modified Accelerated
      Cost Recovery  System are used to determine  depreciation  expense for tax
      purposes.

      Rental Income
      -------------

      Leases  for  residential  properties  have  terms  of one  year  or  less.
      Commercial  leases have terms of from one to five years.  Rental income is
      recognized on the straight line method over the term of the lease.

      Minority Interest in Consolidated Joint Venture
      -----------------------------------------------

      The minority  interest in a  consolidated  joint  venture is stated at the
      amount of capital contributed by the minority investors adjusted for their
      share of joint venture losses.

4.    ACQUISITION AND DISPOSITION OF RENTAL PROPERTY
      ----------------------------------------------

      In November 1985, the  Partnership  acquired a 168 unit apartment  complex
      (Lakeview Village) located in Milwaukee,  Wisconsin,  for a purchase price
      of $4,411,659, which included $320,779 in acquisition fees.

      In December 1985, the  Partnership  acquired a 288 unit apartment  complex
      (Sutton Park, formerly Bristol Square) located in Lansing,  Michigan for a
      purchase price of $7,252,858, which included $588,716 in acquisition fees.

                                       -9-

<PAGE>

      ACQUISITION AND DISPOSITION OF RENTAL PROPERTY (CONTINUED)
      ----------------------------------------------------------

      In August 1986, the Partnership  acquired two  office/warehouse  buildings
      consisting  of 62,598  square  feet  (Airlane  I) and 68,300  square  feet
      (Airlane  III),  consisting  of  approximately  25%  office  space and 75%
      warehouse space located in Nashville,  Tennessee,  for a purchase price of
      $6,180,920, which included $383,169 in acquisition fees.

      In October 1986, the  Partnership  acquired an 86 unit  apartment  complex
      (Gold Key Village II) located in Englewood,  Ohio for a purchase  price of
      $2,354,615, which included $152,744 in acquisition fees.

      In  December  1986,  the  Partnership  acquired  two  apartment  complexes
      consisting of 96 and 144 units  (Creekside  Apartments,  formerly  Bretton
      Park I and II)  located in Flat Rock,  Michigan,  for a purchase  price of
      $5,462,176, which included $445,964 in acquisition fees.

      In December 1986, the  Partnership  acquired a 215 unit apartment  complex
      (Willow Creek) located in Greenville, South Carolina, for a purchase price
      of $5,040,560, which included $477,987 in acquisition fees.

      In December 1986,  the  Partnership  acquired a 72 unit apartment  complex
      (Evergreen  Terrace) located in Lansing,  Michigan for a purchase price of
      $1,1711,093, which included $314,379 in acquisition fees.

      In May 1987, the Partnership  acquired a 56 unit apartment  complex (Cedar
      Court)  located in  Monroeville,  Pennsylvania,  for a  purchase  price of
      $1,439,832, which included $370,728 in acquisition fees.

      In 1988, the Partnership  acquired,  upon its dissolution,  the net assets
      and  liabilities  of the Willow  Lake Joint  Venture,  which  amounted  to
      $1,635,474.  Since  the  date  of the  acquisition,  the  Partnership  had
      capitalized  additional  construction  costs of $5,059,296  which included
      capitalized  interest  of  $151,993.  Construction  on  this  project  was
      substantially complete in early 1991. During September 1992, Willow Lake's
      lender  foreclosed  and  took  possession  of  the  property  because  the
      Partnership  had  difficulty  in obtaining  tenant leases and financing to
      complete tenant build-out costs. The disposal  generated a $1,328,352 loss
      for financial statement purposes.

      In October,  1989 the Partnership  sold the Gold Key II apartment  complex
      for $2,881,136 which generated a gain of $911,177 for financial  statement
      purposes.













                                      -10-

<PAGE>

      ACQUISITION AND DISPOSITION OF RENTAL PROPERTY (CONTINUED)
      ----------------------------------------------------------

      In July  1996,  the  Partnership  entered  into a plan to  dispose  of the
      property,  plant  and  equipment  of the  following  properties:  Lakeview
      Village (anticipated sales price of $4,090,000),  Sutton Park (anticipated
      sales  price  of  $5,800,000),   Creekside  (anticipated  sales  price  of
      $5,900,000),  Willow Creek  (anticipated  sales price of $5,425,000),  and
      Evergreen  Terrace  (anticipated  sales price of  $1,200,000).  Management
      determined  that the sale of the  properties  was in the best interests of
      the limited partners.  The contracts for the sale of the  above-identified
      residential   properties  (i.e.   apartment   complexes)  were  terminated
      recently. In the cases of the contracts for Creekside  Apartments,  Sutton
      Park  Apartments  and  Evergreen  Apartments,  the purchaser was unable to
      secure the  necessary  tax credits and bonds  allocated  through the state
      agencies. The sale of Lakeview Apartments located in Milwaukee,  Wisconsin
      was  terminated   because  the  city  was  unwilling  to  use  their  bond
      allocations for multi-family  housing. The sale of Willow Creek Apartments
      was not  consummated  as the purchaser felt the extent of the needed rehab
      work at the  property  was more  than  the  economics  of the  deal  could
      support.


      Financial  Accounting  Standards  Statement  No. 121,  Accounting  for the
      Impairment of Long-lived  Assets and for Long-lived  Assets to be Disposed
      Of (the "Statement") requires that assets to be disposed of be recorded at
      the  lower  of  carrying  value or fair  value,  less  costs to sell.  The
      Statement  also  requires that such assets not be  depreciated  during the
      disposal period,  as the assets will be recovered through sale rather than
      through  operations.  In accordance  with this  Statement,  the long-lived
      assets  of the  Partnership,  classified  as held for sale on the  balance
      sheet,  are recorded at the carrying amount which is the lower of carrying
      value or fair  value  less  costs to sell,  and have not been  depreciated
      during the disposal period.  Depreciation expense, not recorded during the
      disposal  period,   for  the  six  months  ended  June  30,  1997  totaled
      approximately $300,000.















                                      -11-

<PAGE>

5.    NOTE RECEIVABLE
      ---------------

      In  connection  with the sale of the Gold Key II  apartment  complex,  the
      Partnership  took  back a  second  mortgage  as  security  for  two  notes
      receivable.  The first note for $155,000  carried an interest  rate of 10%
      with  interest  payable  monthly  and the  remaining  balance  payable  at
      maturity on October  11,  1995.  The second  note for  $75,000  carried an
      interest  rate of 10%  with  principal  payments  payable  in five  annual
      installments of $15,000 and any remaining  interest payable at maturity on
      October 11,  1995.  Neither of the notes were paid in full by the maturity
      date, and according to the provisions of the notes,  interest continued to
      accrue at 15% annually on the unpaid balances.  The Partnership received a
      settlement  in the amount of $175,000  during 1996.  The  remainder of the
      balances were written off.

6.    MORTGAGES AND NOTES PAYABLE
      ---------------------------

      The Partnership has the following mortgages and notes payable:

      Lakeview
      --------

      In January 1996, the Partnership  refinanced the mortgage.  The refinanced
      mortgage, with a balance of $2,494,900 and $2,520,822 at June 30, 1997 and
      1996 respectively,  provides for annual principal and interest payments at
      8.25% payable in equal monthly  installments of $232,924.  The term of the
      mortgage  is ten years  with the  remaining  balance  due and  payable  on
      February 1, 2006.

      Sutton Park (formerly Bristol Square)
      -------------------------------------

      The  property  was  refinanced  January 11,  1996 with an 8% mortgage  for
      $3,400,000,  and an unsecured  $50,000  promissory  note. The new mortgage
      provides for annual  principal and interest  payments of $306,168 in equal
      monthly  installments.  The balance  outstanding at June 30, 1997 and 1996
      was $3,363,529 and $3,388,494 respectively. The term of the mortgage is 10
      years with the remaining  balance due and payable on February 1, 2006. The
      promissory  note  provides for monthly  principal  payments of $2,083 plus
      interest accruing at the lenders reference rate plus 2% (total of 8.00% at
      June 30, 1997). At June 30, 1997 the outstanding balance was $16,672.  The
      note is due and payable February 1, 1998.









                                      -12-

<PAGE>

      MORTGAGES AND NOTES PAYABLE (CONTINUED)
      ---------------------------------------

      Airlanes I & III
      ----------------

      A 7.625%  mortgage with a balance of $3,474,658 and $3,575,294 at June 30,
      1997 and 1996  respectively,  which  provides  for  annual  principal  and
      interest payments of $369,783 payable in equal monthly installments,  with
      the remaining balance due January 1, 1999.

      Creekside
      ---------

      An  adjustable  rate  mortgage with an  outstanding  principal  balance of
      $3,632,663  and  $3,706,512 at June 30, 1997 and 1996,  respectively.  The
      interest  rate is  adjustable  quarterly  to a maximum rate of 13.5% and a
      minimum  rate of 7% (7.01% at June 30,  1997).  The  mortgage  is  payable
      monthly in amounts which vary with the interest rate.  Monthly payments at
      June 30, 1997 based on 7.01% interest rate were $27,671.90. The balance of
      the mortgage is due and payable March 31, 1998.

      Willow Creek
      ------------

      A 9.25% mortgage with an original balance of $4,080,000 which provides for
      annual  principal  and  interest  payments  of  $393,023  payable in equal
      monthly  installments  with the  remaining  balance of $3,929,  432 due on
      September 1, 1996;  the maturity was then  extended to March 1, 1997.  The
      balance  as of June  30,  1997 and 1996  was  $3,903,934  and  $3,934,300,
      respectively.  The  mortgage  is now in default and  therefore  payable on
      demand.

      Evergreen Terrace
      -----------------

      An  adjustable  rate  mortgage with a balance at June 30, 1997 and 1996 of
      $1,013,126 and $1,028,717,  respectively.  The interest rate is adjustable
      annually to a maximum  rate of 15% during the first five years of the loan
      term and 17% for the remaining  life of the loan with a minimum rate of 9%
      (9% at June 30,  1997).  The mortgage is payable  monthly in amounts which
      vary with the interest rate.  Monthly payments at June 30, 1997 based on a
      9%  interest  rate were  $8,962.  The  balance of the  mortgage is due and
      payable May 24, 1998.







                                      -13-

<PAGE>

      MORTGAGES AND NOTES PAYABLE (CONTINUED)
      ---------------------------------------

      Chapelwood Estates (formerly Cedar Court)
      -----------------------------------------

      A 9.25%  mortgage with a balance of $894,551 and $897,334 at June 30, 1997
      and 1996,  respectively,  which provides for annual principal and interest
      payments of $89,586 payable in equal monthly  installments  with remaining
      balance of $895,117 due September 1, 1996.  The mortgage is now in default
      and therefore payable on demand.

      The mortgages described above are secured by the Partnership properties to
      which they relate.

      The  aggregate  maturities  of mortgages and notes payable for each of the
      next five years and thereafter are as follows:

                   Year                   Amount

                   1997                   $   5,104,085
                   1998                       4,783,112
                   1999                       3,384,889
                   2000                          82,696
                   2001                          89,653
                   Thereafter                 5,494,889
                                          -------------

                   TOTAL                  $  18,939,324
                                          =============


7.    INVESTMENT IN JOINT VENTURE
      ---------------------------

      On September 1, 1992, the Partnership  entered into an agreement to form a
      joint venture with Realmark Property  Investors  Limited  Partnership VI-B
      (RPILP  VI-B).  The joint  venture was formed for the purpose of operating
      the Lakeview  Apartment complex owned by the Partnership.  Under the terms
      of the agreement,  RPILP VI-B contributed  $175,413,  with the Partnership
      contributing the property net of the first mortgage.













                                      -14-

<PAGE>

      INVESTMENT IN JOINT VENTURE (CONTINUED)
      ---------------------------------------

      The joint venture  agreement  provides that any income,  loss,  gain, cash
      flow, or sale proceeds be allocated  83.78% to the  Partnership and 16.22%
      to RPILP VI-B.  The net loss from the date of inception has been allocated
      to the minority  interest in  accordance  with the  agreement and has been
      recorded as a reduction of the capital contribution.

      A  reconciliation  of the minority  interest  share in the Lakeview  Joint
      Venture is as follows:

                                                1997
                                                ----

         Balance, January 1                 $   18,477
         Allocated Loss                         (3,701)
                                            ----------
         Balance, June 30                   $   14,776
                                            ==========


8.    RELATED PARTY TRANSACTIONS
      --------------------------

      Management  fees  for  the  management  of  certain  of the  Partnership's
      properties  are  paid  to  an  affiliate  of  the  General  Partners.  The
      management  agreement  provides  for 5% of gross  monthly  receipts of the
      complexes  to be paid as fees  for  administering  the  operations  of the
      properties.  These fees  totaled  $140,002 and $127,651 for the six months
      ended June 30, 1997 and 1996, respectively.

      The  Partnership  entered  into a management  agreement  with an unrelated
      third party for the  management  of Airlane I and III on August 15,  1986.
      The agreement  provides for the payment of a management fee equal to 4% of
      monthly  gross rental  income.  An affiliate of the General  Partners also
      receives a management fee of 2% of monthly gross rental income.

      According to the terms of the Partnership Agreement, the Corporate General
      Partner is also entitled to receive a partnership  management fee equal to
      7% of net cash flow (as defined in the Partnership Agreement), 2% of which
      is  subordinated  to the limited  partners  having received an annual cash
      return equal to 7% of their average  adjusted  capital  contributions.  No
      such fee was paid or accrued by the  partnership  for the six months ended
      June 30, 1997 and 1996.








                                      -15-

<PAGE>

      RELATED PARTY TRANSACTIONS (CONTINUED)
      --------------------------------------

      Accounts  payable to affiliates  amounted to $3,263,141  and $2,485,013 at
      June 30, 1997 and 1996, respectively.  The payable represents fees due and
      advances from the Corporate General Partner or an affiliate of the General
      Partners.  Interest  charged on  accounts  payable to  affiliates  totaled
      $154,804 and $125,979 for the six months ended June 30, 1997 and 1996.

      The General  Partners are also  allowed to collect a property  disposition
      fee upon sale of acquired properties. This fee is not to exceed the lesser
      of 50% of amounts  customarily  charged in  arm's-length  transactions  by
      others rendering similar services for comparable properties,  or 3% of the
      sales price.  The property  disposition  fee is subordinate to payments to
      the limited partners of a cumulative  annual return (not compounded) equal
      to 7% of their average  adjusted  capital balances and to repayment to the
      limited   partners  of  an  amount   equal  to  their   original   capital
      contributions. Since these conditions have not been met, no fees have been
      recorded or paid on the sale of the Gold Key II apartment complex.

      Computer  service charges for the  partnerships  are paid or accrued to an
      affiliate  of the  General  Partner.  The fee is based  upon the number of
      apartment  units and totaled $6,600 for both the six months ended June 30,
      1997 and 1996, respectively.

      Pursuant to the terms of the Partnership Agreement,  the Corporate General
      Partner  charges the Partnership  for  reimbursement  of certain costs and
      expenses  incurred by the Corporate  General Partner and its affiliates in
      connection with the administration of the Partnership.  These charges were
      for the  Partnership's  allocated  share of such costs and expenses  which
      include payroll, legal, rent, depreciation,  printing, mailing, travel and
      communication   costs   related   to   Partnership   accounting,   partner
      communication   and   relations   and  property   marketing.   Accounting,
      communication and marketing  expenses are allocated based on total assets,
      number of partners, and the market value of properties respectively.

9.    INCOME TAXES
      ------------

      No  provision  has been made for income  taxes since the income or loss of
      the  partnership  is to be included  in the tax returns of the  Individual
      Partners.













                                      -16-

<PAGE>

      INCOME TAXES (CONTINUED)
      ------------------------

      The tax  returns of the  Partnership  are  subject to  examination  by the
      Federal and state taxing  authorities.  Under federal and state income tax
      laws,  regulations  and  rulings,  certain  types of  transactions  may be
      accorded varying  interpretations and,  accordingly,  reported partnership
      amounts could be changed as a result of any such examination.

      The  reconciliation of net loss for the six months ended June 30, 1997 and
      1996 as reported in the statements of operations, and as would be reported
      for tax purposes, is as follows:


                                                   June 30,           June 30,
                                                     1997               1996
                                                     ----               ----
                                              
      Net loss - statement of operations         $  (379,489)       $  (453,897)
                                              
      Add to (deduct from):                   
         Difference in depreciation                 (160,280)          ( 29,600)
         Gain on sale of property                      2,202              2,202
         Allowance for doubtful accounts              92,886            164,000
                                                 -----------        -----------
                                              
      Net loss - tax return purposes             $  (444,681)       $  (317,295)
                                                 ===========        ===========
























                                      -17-

<PAGE>

      INCOME TAXES (CONTINUED)
      ------------------------

      The reconciliation of Partners' (Deficit) as of June 30, 1997 and December
      31,  1996 as  reported  in the  balance  sheet,  and as  reported  for tax
      purposes, is as follows:

                                                   June 30,      December  31,
                                                     1997             1996
                                                     ----             ----
                                             
      Partners' (Deficit) - balance sheet       $  (3,586,954)   $  (3,521,907)
                                             
      Add to (deduct from):                  
         Accumulated difference in           
         depreciation                              (5,708,415)      (5,548,135)
         Accumulated amortization                     382,695          382,695
         Syndication fees                           2,734,297        2,734,297
         Difference in book and tax          
         basis in partnership investments            (635,737)        (635,737)
         Gain from fire loss                         (706,158)        (706,158)
         Other                                      1,427,897        1,332,809
                                                 ------------    -------------
                                           
      Partners' (Deficit) - tax return purposes  $ (6,092,375)   $  (5,647,694)
                                                 ============    =============



























                                      -18-

<PAGE>

PART II  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         -----------------------------------------------------------------------
         OF OPERATIONS
         -------------

The General Partner continues to fund the Partnership's shortfalls in cash flow,
although  under no  obligation to do so. Such  advances to the  Partnership  are
considered payable on demand to the General Partner,  and at this point in time,
there is no assurance that these advances will continue. The Partnership did not
make any  distributions  during the second quarter of 1997, and is not likely to
make any in the future until all  Partnership  obligations are satisfied and the
General Partner is reimbursed for the advances it has made to the Partnership.

The General  Partner  continues its efforts to locate a buyer for the properties
in this Partnership as it is felt that the sale of the properties is in the best
interests of the Limited  Partners.  Until such time as the properties are sold,
it is highly unlikely that the Limited Partners will receive any return of their
investments.  Management  is  also  aggressively  seeking  refinancing  for  the
properties  in an effort to decrease the interest  rates  currently  being paid;
such a decrease  will result in lower monthly  payments,  thus  increasing  cash
flow.


Results of Operations:
----------------------

Net loss for the three month period ended June 30, 1997  amounted to $203,769 or
$8.46 per limited  partnership unit versus a net loss for the three month period
ended June 30, 1996 of $330,612 or $13.72 per limited  partnership unit. For the
six month period ended June 30, 1997, the net loss amounted to $379,489 versus a
net loss of $453,897 for the six month period ended June 30, 1996.

On a tax basis,  the  Partnership  generated  a loss of  $444,681  or $18.46 per
limited  partnership  unit for the six month period ended June 30, 1997 versus a
tax loss of $317,295 or $13.17 per  limited  partnership  unit for the six month
period ended June 30, 1996.

















                                      -19-

<PAGE>

Results of Operations  (continued):
-----------------------------------

Partnership revenue for the quarter ended June 30, 1997 totaled  $1,349,639,  an
increase of $69,405 from the same period in 1996. For the six month period ended
June 30, 1997 total income decreased by $15,241 from the corresponding period in
1996.  Rental  income  for the six month  period  ended June 30,  1997,  totaled
$2,581,692,  which was a slight  decrease of $3,190 over the same time period in
1996.  The  decrease is directly  related to the  decrease in  occupancy  and an
increase  in  delinquencies  at  several of the  complexes.  Other  income  also
increased slightly by just over $12,000 between the six month periods ended June
30, 1997 and June 30, 1996  primarily  due to  increased  laundry  income at the
residential properties.

For the three month period ended June 30, 1997, the Partnership expenses totaled
$1,554,716,  a decrease of $56,000 from the quarter ended June 30, 1996. For the
six months ended June 30, 1997, the  Partnership  expenses  totaled  $3,141,222,
decreasing over $105,500 from quarter ended June 30, 1996. There was an increase
in  property   operations   expenses  even  with  management's   continual  cost
controlling  factors and monitoring.  Payroll and associated  costs increased by
more than $70,000, while repairs and maintenance and contracted service expenses
increased  by  over  $84,000.  Several  of the  residential  complexes  in  this
Partnership  are  currently  undergoing  much  needed  capital  improvement  and
"fix-up" work, so it is expected that  maintenance  expenses will continue to be
higher than in the previous  year. The  Partnership  did see a large decrease in
both insurance expense and real estate taxes during the first six months of 1997
as compared  to the same period  during  1996.  Administrative  costs also saw a
fairly large increase  during the six months ended June 30, 1997 over those from
the six  months  ended June 30,  1996.  The  increase  is  primarily  related to
increased management fees accrued during the first six months of 1997. There was
also a notable increase in brokerage fees resulting from management's  increased
efforts to sell the properties in this partnership.

Management  continues  to put forth  great  effort to  control  and  manage  the
Partnership's   expenses  while  also  focusing   heavily  on  both   increasing
occupancies  and improving  collections  in those  complexes that are struggling
financially,  such as Sutton Park (formerly  Bristol Square),  Evergreen Terrace
and Chapelwood Estates (formerly Cedar Court).

For the six month  period  ended  June 30,  1997,  the  Lakeview  Joint  Venture
generated net loss of $22,819, with $3,701 of the loss allocated to the minority
venturer.  For the six months ended June 30, 1996,  the joint  venture had a net
loss of $122,143,  with $19,812 of the loss allocated to the minority  venturer.
Although total income increased  slightly (i.e., by just over $3,200),  property
expenditures  decreased by over $96,000.  The decrease in expenses resulted in a
much improved six month period for the Joint Venture.











                                      -20-

<PAGE>

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP IV
               --------------------------------------------------


                                     PART II
                                     -------

                                OTHER INFORMATION
                                -----------------



Item 1 - Legal Proceedings
--------------------------

The Partnership is not party to, nor is it the subject of, any material  pending
legal  proceedings  other than  ordinary  routine  litigation  incidental to the
Partnership's business.


Item 2, 3, 4 and 5
------------------

Not applicable.


Item 6 - Exhibits and reports on Form 8-K
-----------------------------------------

Form 8-K was  filed  August  1,  1997 to  report  the  termination  of the sales
contracts previously reported on Form 8-K filed in July 1996.






















                                      -21-

<PAGE>


                                   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.


REALMARK PROPERTY INVESTORS
LIMITED PARTNERSHIP IV


By:   /s/Joseph M. Jayson                       August 8, 1997 
      ------------------------------            ------------------------
      Joseph M. Jayson,                         Date
      Individual General Partner



Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed by the following  persons on behalf of the registrant and in the
capacities and on the dates indicated.


By:   REALMARK PROPERTIES, INC.
      Corporate General Partner

      /s/Joseph M. Jayson                       August 8, 1997  
      ------------------------------            ------------------------
      Joseph M. Jayson,                         Date
      President and Director



      /s/Michael J. Colmerauer                  August 8, 1997  
      ------------------------------            ------------------------
      Michael J. Colmerauer                     Date
      Secretary