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, 1996                                              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,  1996 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, 1996 and December 31, 1995                     3

            Statements of Operations -
                  Three Months Ended June 30, 1996 and 1995               4

            Statements of Operations -
                  Six Months Ended June 30, 1996 and 1995                 5

            Statements of Cash Flows -
                  Six Months Ended June 30, 1996 and 1995                 6

            Statements of Partners' (Deficit) -
                  Six Months Ended June 30, 1996 and 1995                 7

            Notes to Financial Statements                               8 - 16


PART II:    MANAGEMENT'S DISCUSSION & ANALYSIS OF
--------    FINANCIAL CONDITION & RESULTS OF OPERATIONS                17 - 18
            -------------------------------------------



















                                       -2-

<PAGE>

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP IV
                                 BALANCE SHEETS
                       June 30, 1996 and December 31, 1995
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                             June 30      December 31,
                                                               1996           1995
                                                               ----           ----
<S>                                                      <C>              <C> 
ASSETS
------

Property, at cost:
     Land                                                $  1,773,922     $  1,773,922
     Buildings and improvements                            27,641,015       27,641,015
     Furniture, fixtures and equipment                      2,711,794        2,711,794
                                                         ------------     ------------
                                                           32,126,731       32,126,731
     Less accumulated depreciation                         13,536,974       13,104,388
                                                         ------------     ------------
          Property, net                                    18,589,757       19,022,343

Interest and other receivables                                 36,409           65,026
Note receivable                                               154,875          154,875
Mortgage costs, net of accumulated amortization
     of $461,905 and $634,587                                 273,883          172,966
Other assets                                                1,253,423          567,583
                                                         ------------     ------------

             Total Assets                                $ 20,308,348     $ 19,982,793
                                                         ============     ============


LIABILITIES AND PARTNERS' (DEFICIT)
-----------------------------------

Liabilities:
     Cash overdraft                                      $    206,058     $    252,805
     Mortgages and notes payable                           19,919,450       19,414,288
     Accounts payable and accrued expenses                  1,051,841          991,181
     Accounts payable - affiliates                          2,622,221        2,220,847
     Accrued interest                                          86,525          156,525
     Security deposits and prepaid rents                      363,285          414,471
                                                         ------------     ------------
             Total Liabilities                             24,249,379       23,450,117
                                                         ------------     ------------

Minority interest in joint venture                             34,773           54,583
                                                         ------------     ------------

Partners' (Deficit):
     General partners                                        (692,253)        (678,636)
     Limited partners                                      (3,283,552)      (2,843,271)
                                                         ------------     ------------
            Total Partners' (Deficit)                      (3,975,804)      (3,521,907)
                                                         ------------     ------------

            Total Liabilities and Partners' (Deficit)    $ 20,308,348     $ 19,982,793
                                                         ============     ============
</TABLE>



                        See notes to financial statements

                                       -3-


<PAGE>

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP IV
                            STATEMENTS OF OPERATIONS
                    Three Months Ended June 30, 1996 and 1995
                                   (Unaudited)

                                                    Three Months    Three Months
                                                       Ended           Ended
                                                      June 30,        June 30,
                                                        1996            1995
                                                        ----            ----

Income:
     Rental                                         $ 1,200,395     $ 1,419,001
     Interest and other income                           79,839          78,093
                                                    -----------     -----------
     Total income                                     1,280,234       1,497,094
                                                    -----------     -----------

Expenses:
     Property operations                                674,519         796,464
     Interest:
          Paid to affiliates                             62,216          40,700
          Other                                         379,923         392,218
     Depreciation and amortization                      275,558         302,240
     Administrative:
          Paid to affiliates                            100,624         173,681
          Other                                         118,006         105,039
                                                    -----------     -----------
     Total expenses                                   1,610,846       1,810,342
                                                    -----------     -----------

Loss before allocated loss from joint venture          (330,612)       (313,248)

Loss allocated to minority interest                        --             8,495
                                                    -----------     -----------

Net loss                                            $  (330,612)    $  (304,753)
                                                    ===========     ===========

Loss per limited partnership unit                   $    (13.72)    $    (12.65)
                                                    ===========     ===========

Distributions per limited partnership unit          $      --       $      --
                                                    ===========     ===========

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, 1996 and 1995
                                   (Unaudited)
 
                                                    Six Months      Six Months
                                                       Ended           Ended
                                                      June 30,        June 30,
                                                        1996            1995
                                                        ----            ----

Income:
     Rental                                         $ 2,584,882     $ 2,778,342
     Interest and other income                          188,391         157,750
                                                    -----------     -----------
     Total income                                     2,773,273       2,936,092
                                                    -----------     -----------

Expenses:
     Property operations                              1,335,876       1,600,538
     Interest:
          Paid to affiliates                            125,439          81,037
          Other                                         798,056         843,977
     Depreciation and amortization                      514,291         604,478
     Administrative:
          Paid to affiliates                            187,820         325,152
          Other                                         285,500         251,264
                                                    -----------     -----------
     Total expenses                                   3,246,982       3,706,446
                                                    -----------     -----------

Loss before allocated loss from joint venture          (473,709)       (770,354)

Loss allocated to minority interest                      19,812          19,817
                                                    -----------     -----------

Net loss                                            $  (453,897)    $  (750,537)
                                                    ===========     ===========

Loss per limited partnership unit                   $    (18.84)    $    (31.16)
                                                    ===========     ===========

Distributions per limited partnership unit          $      --       $      --
                                                    ===========     ===========

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, 1996 and 1995
                                   (Unaudited)

                                                        Six Months   Six Months
                                                          Ended        Ended
                                                         June 30,     June 30,
                                                           1996         1995
                                                           ----         ----

Cash flow from operating activities:
     Net loss                                          $(453,897)     $(750,537)

Adjustments to reconcile net loss to net cash
 (used in) operating activities:
     Depreciation and amortization                       514,291        604,478
     Loss allocated to minority interest                 (19,812)       (19,817)
Changes in operating assets and liabilities:
     Interest and other receivables                       28,617         30,069
     Other assets                                       (685,840)      (456,337)
     Accounts payable and accrued expenses                60,660        370,815
     Accrued interest                                    (70,000)        43,707
     Security deposits and prepaid rent                  (51,186)        15,595
                                                       ---------      ---------
Net cash (used in) operating activities                 (677,168)      (162,027)
                                                       ---------      ---------

Cash flow from investing activities:
     Capital expenditures                                   --             --
     Increase in note(s) receivable                         --             --
                                                       ---------      ---------
     Net cash (used in) investing activities                --             --
                                                       ---------      ---------

Cash flows from financing activities:
     Mortgage costs                                     (182,620)          --
     Cash overdraft                                      (46,747)          --
     Accounts payable - affiliates                       401,374        300,764
     Principal payments on mortgages and notes          (276,175)       (99,701)
     Proceeds from mortgage                              781,337           --
                                                       ---------      ---------
Net cash provided by financing activities                677,168        201,063
                                                       ---------      ---------

Increase (decrease) in cash                                 --           39,036

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

Cash - end of period                                   $    --        $  39,036
                                                       =========      =========


Supplemental Disclosure of Cash Flow Information:
     Cash paid for interest                            $ 868,056      $ 800,270
                                                       =========      =========
                        See notes to financial statements
 
                                      -6-

<PAGE>

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP IV
                        STATEMENTS OF PARTNERS' (DEFICIT)
                     Six Months Ended June 30, 1996 and 1995
                                   (Unaudited)


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

Balance, January 1, 1995           $  (635,751)          23,366     $(1,456,668)

Net loss                               (22,516)            --          (728,021)
                                   -----------      -----------     -----------

Balance, June 30, 1996             $  (658,267)          23,366     $(2,184,689)
                                   ===========      ===========     ===========


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

Net loss                               (13,617)            --          (440,281)
                                   -----------      -----------     -----------

Balance, June 30, 1996             $  (692,253)          23,366     $(3,283,552)
                                   ===========      ===========     ===========



























                        See notes to financial statements


                                       -7-

<PAGE>

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP IV
                          NOTES TO FINANCIAL STATEMENTS
                     Six Months Ended June 30, 1996 and 1995
                                   (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, 1996 and 1995,  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>

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.  Applicable
     interest  and  penalties  have been accrued  through June 30, 1996.  During
     1994,  the  Partnership  assigned the rights to receive the proceeds of the
     above notes as additional  collateral for the mortgage on Evergreen Terrace
     Apartments.

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  $2,520,822  at June 30,  1996,  provides  for
     annual  principal  and interest  payments at 8.25% payable in equal monthly
     installments of $232,924.

     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 $306,174 in equal
     monthly  installments.  The  balance  outstanding  at  June  30,  1996  was
     $3,388,494. 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 10.25 % at June 30,  1996).  At June 30,
     1996 the  outstanding  balance  was  $41,668.  The note is due and  payable
     February 1, 1998.

















                                      -11-

<PAGE>

     MORTGAGES AND NOTES PAYABLE  (CONTINUED)

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

     A 7.625%  mortgage  with a balance of  $3,575,294  at June 30, 1996,  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
     $3,706,512  and  $3,773,646  at June 30, 1996 and 1995,  respectively.  The
     interest  rate is  adjustable  quarterly  to a maximum  rate of 13.5% and a
     minimum  rate of 7% ( 7.23% at June 30,  1996).  The  mortgage  is  payable
     monthly in amounts which vary with the interest rate.  Monthly  payments at
     June 30, 1996 based on 7.23% interest rate were $28,170.31.  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  balance  as of June  30,  1996  and  1995  was  $3,934,300  and
     $3,961,995, respectively.

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

     An  adjustable  rate  mortgage  with a balance at June 30, 1996 and 1995 of
     $1,028,717 and  $1,045,544,  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, 1996). The mortgage is payable monthly in amounts which vary
     with the  interest  rate.  Monthly  payments at June 30, 1996 based on a 9%
     interest  rate were $8,962.  The balance of the mortgage is due and payable
     May 24, 1998.

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

     A 9.25%  mortgage  with a balance of $897,334 and $903,105 at June 30, 1996
     and 1995,  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.






                                      -12-

<PAGE>

     MORTGAGES AND NOTES PAYABLE (CONTINUED)

     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
                   ----                   ------
                
                   1996                   $   5,088,225
                   1997                         262,895
                   1998                       4,778,938
                   1999                       3,384,889
                   2000                          82,696
                   Thereafter                 5,584,544
                                          -------------

                   TOTAL                  $  19,182,187
                                          =============

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.

     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:

                                              1996                  1995
                                              ----                  ----

       Balance, January 1                 $   54,583              $  97,207
       Allocated Loss                       (  3,159)               (19,817)
                                          ----------              ---------
       Balance, June 30                   $   51,424              $  77,390
                                          ==========              =========




                                      -13-

<PAGE>

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  $127,651  and  $139,021 for the six months ended June 30, 1996 and
     1995, 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, 1996 and 1995.

     Accounts  payable to affiliates  amounted to $2,485,013  and  $1,817,037 at
     June 30, 1996 and 1995,  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
     $125,979 and $81,037 for the six months ended June 30, 1996 and 1995.

     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 and $6,600 for the six months ended June
     30, 1996 and 1995, respectively.










                                      -14-

<PAGE>

     RELATED PARTY TRANSACTIONS  (CONTINUED)

     Pursuant to the terms of the Partnership  Agreement,  the Corporate General
     partner  charged 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.

     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, 1996 and
     1995 as reported in the statements of operations,  and as would be reported
     for tax purposes, is as follows:


                                                    June 30,          June 30,
                                                     1996               1995
                                                     ----               ----

    Net loss - statement of operations           $  (453,897)      $  (750,537)

    Add to (deduct from):
       Difference in depreciation                   ( 29,600)         ( 66,725)
       Gain on sale of property                        2,202               -
       Allowance for doubtful accounts               164,000            62,425
                                                 -----------       -----------

    Net loss - tax return purposes               $  (317,295)      $  (754,837)
                                                 ===========       =========== 










                                      -15-

<PAGE>

     INCOME TAXES (CONTINUED)

     The reconciliation of Partners' (Deficit) as of June 30, 1996 and December
     31,  1995  as  reported  in the  balance  sheet,  and as  reported  for tax
     purposes, is as follows:

                                                  June 30,        December  31,
                                                    1996               1995
                                                    ----               ----

    Partners' (Deficit) - balance sheet       $  (3,975,804)    $   (3,521,907)

    Add to (deduct from):
       Accumulated difference in
       depreciation                              (5,257,175)        (5,227,575)
       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)
       Other                                      1,313,241          1,147,039
                                               ------------      -------------
  
    Partners' (Deficit) - tax return purposes  $ (5,438,483)     $  (5,121,188)
                                               ============      ============= 


10.  SUBSEQUENT EVENTS

     On July 16, 1996 the Corporate  General  Partner entered into a contract on
     behalf of the Partnership to sell Creekside  Apartments,  Evergreen Terrace
     Apartments,  Lakeview Apartments,  Sutton Park Apartments (formerly Bristol
     Square)  and  Willow  Creek  Apartments  at  sales  prices  of  $5,900,000,
     $1,200,000,  $4,090,000,  $5,800,000  and  $5,425,000,   respectively.  The
     contract is subject to a number of  contingencies as were described in Form
     8-K  filed  on July 31,  1996.  No firm  closing  date on the sale has been
     established to date.





















                                      -16-

<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 1996, 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 notes  receivable from the sale of Gold Key II matured in the fourth quarter
of 1995, but have not been paid at this date by the mortgagee.  The  Partnership
continues  its legal action in pursuit of collection of the balance due on these
notes.  Currently  financial  information has been requested from the mortgagee;
the General Partner will consider  foreclosure if a reasonable offer is not made
soon by the mortgagee.

Management  is  optimistic  that  occupancy  levels  at the  properties  in this
Partnership  will slowly  increase as the "peak" rental season is being entered.
Incentive plans have been put in place to attract new tenants; plans for capital
improvements,  such as exterior  painting and repairs to  woodwork,  are also in
place.

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

Net loss for the three month period ended June 30, 1996  amounted to $330,612 or
$13.72 per limited partnership unit versus a net loss for the three month period
ended June 30, 1995 of $304,753 or $12.65 per limited  partnership unit. For the
six month period ended June 30, 1996, the net loss amounted to $453,897 versus a
net loss of $750,537 for the six month period ended June 30, 1995.

On a tax basis,  the  Partnership  generated  a loss of  $317,295  or $13.17 per
limited  partnership  unit for the six month period ended June 30, 1996 versus a
tax loss of $754,837 or $31.34 per  limited  partnership  unit for the six month
period ended June 30, 1995.

















                                      -17-

<PAGE>

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

Partnership  revenue for the quarter ended June 30, 1996 totaled  $1,280,234,  a
decrease of  $216,860  from the same  period in 1995.  For the six month  period
ended June 30, 1996 total income  decreased by $162,819  from the  corresponding
period in 1995.  Rental  income for the six month  period  ended June 30,  1996,
totaled  $2,584,882,  which was a decrease of $193,460 over the same time period
in 1995.  The  decrease is directly  related to the  decrease  in  occupancy  at
several of the  complexes.  Other  income  increased  by  approximately  $31,000
between the six month  periods  ended June 30, 1996 and June 30, 1995  primarily
due to increased laundry income at the residential properties.

For the three month period ended June 30, 1996, the Partnership expenses totaled
$1,610,846, a decrease of $199,496 from the quarter ended June 30, 1995. For the
six months ended June 30, 1996, the  Partnership  expenses  totaled  $3,246,982,
decreasing  over $459,000 from quarter ended June 30, 1995.  The majority of the
decrease  in  expenses  is a direct  result  of a cost  controlling  factors  in
property  operations.  Payroll and associated costs, repairs and maintenance and
contracted  service  expenses  are being  closely  monitored  at all  complexes.
Additionally,  administrative  costs  continue  to  decrease;  the  decrease  is
primarily  related to the  decrease in investor  service  charges and  portfolio
management charges.

Management  is  confident  that  the  Partnership   will  be  able  to  continue
controlling its costs, and it is now making every effort to increase occupancies
in those  complexes that are struggling  with lower levels,  such as Sutton Park
(formerly Bristol Square),  Evergreen  Terrace and Chapelwood  Estates (formerly
Cedar  Court).  Management  feels  that the  third  quarter  of 1996  will  show
additional improvements in the occupancies, as well as continual leveling out of
property expenditures.

For the six month  period  ended  June 30,  1996,  the  Lakeview  Joint  Venture
generated  net loss of  $122,143,  with  $19,812  of the loss  allocated  to the
minority venturer. For the six months ended June 30, 1995, the joint venture had
a net loss of  $122,177,  with  $19,817 of the loss  allocated  to the  minority
venturer. Although total income decreased by over $60,000, property expenditures
also decreased by the same amount, thus maintaining a consistent bottom line for
this property.














                                      -18-

<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
-----------------------------------------

Item  7 (c) -  Financial  Statements  and  Exhibits  -  Contract  between  the
Partnership  and  Partnership  Equities,  Inc.  dated July 16, 1996  attached.
Form 8-K was filed July 31, 1996.

Exhibit 27 - Financial Data Schedule (Electronic filing only)

Form 8-K was filed July 31, 1996.

















                                     -19-

<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                       January 2, 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                       January 2, 1997  
      ------------------------------            ------------------------
      Joseph M. Jayson,                         Date
      President and Director



      /s/Michael J. Colmerauer                  January 2, 1997  
      ------------------------------            ------------------------
      Michael J. Colmerauer                     Date
      Secretary