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
September 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 September  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 -
                  September 30, 1997 and December 31, 1996              3

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

            Statements of Operations -
                  Nine Months Ended September 30, 1997 and 1996         5

            Statements of Cash Flows -
                  Nine Months Ended September 30, 1997 and 1996         6

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

            Notes to Financial Statements                             8 - 18


PART II:    MANAGEMENT'S DISCUSSION & ANALYSIS OF
--------    FINANCIAL CONDITION & RESULTS OF
            --------------------------------
            OPERATIONS                                               19 - 21
            ----------


















                                       -2-



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

Property, at cost:
     Land                                              $  1,773,922    $  1,773,922
     Buildings and improvements                          28,106,202      27,898,057
     Furniture, fixtures and equipment                    2,711,794       2,711,794
                                                       ------------    ------------
                                                         32,591,918      32,383,773
     Less accumulated depreciation                       13,977,260      13,753,437
                                                       ------------    ------------
          Property, net                                  18,614,658      18,630,336

Escrow deposits                                             898,649         764,566
Interest and other receivables                              588,524         591,255
Prepaid expenses                                            144,819         216,629
Prepaid commissions, net of accumulated amortization
     of $141,841 and $122,454                                29,374          14,932
Mortgage costs, net of accumulated amortization
     of $533,118 and $493,159                               235,382         265,953
Other assets                                                 19,925           4,455
                                                       ------------    ------------

            Total Assets                               $ 20,531,331    $ 20,488,126
                                                       ============    ============


LIABILITIES AND PARTNERS' (DEFICIT)

Liabilities:
     Cash overdraft                                    $    375,997    $    138,032
     Mortgages and notes payable                         18,734,069      18,939,324
     Accounts payable and accrued expenses                1,037,755         864,429
     Accounts payable - affiliates                        3,529,210       3,167,754
     Accrued interest                                       303,283         172,452
     Security deposits and prepaid rents                    454,285         395,123
                                                       ------------    ------------
            Total Liabilities                            24,434,599      23,677,114
                                                       ------------    ------------

Minority interest in joint venture                            3,498          18,477
                                                       ------------    ------------

Partners' (Deficit):
     General partners                                      (690,182)       (669,203)
     Limited partners                                    (3,216,584)     (2,538,262)
                                                       ------------    ------------
           Total Partners' (Deficit)                     (3,906,766)     (3,207,465)
                                                       ------------    ------------

           Total Liabilities and Partners' (Deficit)   $ 20,531,331    $ 20,488,126
                                                       ============    ============
</TABLE>







                        See notes to financial statements

                                       -3-

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

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

Income:
     Rental                                          $ 1,149,966    $ 1,235,723
     Interest and other income                            77,585         80,831
                                                     -----------    -----------
     Total income                                      1,227,551      1,316,554
                                                     -----------    -----------

Expenses:
     Property operations                                 673,682        846,200
     Interest:
          Paid to affiliates                              88,201        100,261
          Other                                          424,098        378,765
     Depreciation and amortization                        94,214        434,097
     Administrative:
          Paid to affiliates                             127,929        193,965
          Other                                          150,517        153,536
                                                     -----------    -----------
     Total expenses                                    1,558,641      2,106,824
                                                     -----------    -----------

Loss before allocated loss from joint venture           (331,090)      (790,270)

Loss allocated to minority interest                       11,278         35,569
                                                     -----------    -----------

Net loss                                             $  (319,812)   $  (754,701)
                                                     ===========    ===========

Loss per limited partnership unit                    $    (13.28)   $    (31.33)
                                                     ===========    ===========

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
                  Nine Months Ended September 30, 1997 and 1996
                                   (Unaudited)

                                                      Nine Months   Nine Months
                                                         Ended         Ended
                                                     September 30, September 30,
                                                         1997           1996
                                                         ----           ----

Income:
     Rental                                          $ 3,731,658    $ 3,820,605
     Interest and other income                           253,925        269,222
                                                     -----------    -----------
     Total income                                      3,985,583      4,089,827
                                                     -----------    -----------

Expenses:
     Property operations                               2,120,976      2,182,076
     Interest:
          Paid to affiliates                             243,005        225,701
          Other                                        1,211,068      1,176,821
     Depreciation and amortization                       279,068        948,388
     Administrative:
          Paid to affiliates                             381,534        381,784
          Other                                          464,212        439,035
                                                     -----------    -----------
     Total expenses                                    4,699,863      5,353,805
                                                     -----------    -----------

Loss before allocated loss from joint venture           (714,280)    (1,263,978)

Loss allocated to minority interest                       14,979         55,380
                                                     -----------    -----------

Net loss                                             $  (699,301)   $(1,208,598)
                                                     ===========    ===========

Loss per limited partnership unit                    $    (29.03)   $    (50.17)
                                                     ===========    ===========

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 PARTNERS' (DEFICIT)
                  Nine Months Ended September 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                                 (36,258)           --       (1,172,340)
                                     -----------     -----------    -----------

Balance, September 30, 1996          $  (714,894)         23,366    $(4,015,611)
                                     ===========     ===========    ===========


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

Net loss                                 (20,979)           --         (678,322)
                                     -----------     -----------    -----------

Balance, September 30, 1997          $  (690,182)         23,366    $(3,216,584)
                                     ===========     ===========    ===========







































                        See notes to financial statements


                                       -6-

<PAGE>

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP IV
                            STATEMENTS OF CASH FLOWS
                  Nine Months Ended September 30, 1997 and 1996
                                   (Unaudited)

                                                      Nine Months   Nine Months
                                                         Ended         Ended
                                                     September 30, September 30,
                                                         1997          1996
                                                         ----          ----

Cash flow from operating activities:
     Net loss                                        $  (699,301)   $(1,208,598)

Adjustments to reconcile net loss to net cash
     (used in) operating activities:
     Depreciation and amortization                       279,068        948,388
     Loss allocated to minority interest                 (14,979)       (55,380)
Changes in operating assets and liabilities:
     Escrow deposits                                    (134,083)          --
     Interest and other receivables                        2,731         11,492
     Prepaid expenses                                     71,810           --
     Prepaid commissions                                 (33,829)          --
     Other assets                                        (15,470)      (294,874)
     Accounts payable and accrued expenses               173,326        252,400
     Accrued interest                                    130,831        (94,380)
     Security deposits and prepaid rent                   59,162        (14,934)
                                                     -----------    -----------
Net cash (used in) operating activities                 (180,734)      (455,886)
                                                     -----------    -----------

Cash flow from investing activities:
     Capital expenditures and cash flow (used in)
          investing activities                          (208,145)      (268,818)
                                                     -----------    -----------

Cash flows from financing activities:
     Mortgage costs                                       (5,287)      (205,060)
     Cash overdraft                                      237,965       (168,690)
     Accounts payable - affiliates                       361,456        657,800
     Principal payments on mortgages and notes          (205,255)      (340,682)
     Proceeds from mortgage                                 --          781,336
                                                     -----------    -----------
Net cash (used in) provided by financing activities      388,879        724,704
                                                     -----------    -----------

Increase (decrease) in cash                                 --             --

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

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


Supplemental Disclosure of Cash Flow Information:
     Cash paid for interest                          $ 1,080,237    $ 1,271,202
                                                     ===========    ===========






                        See notes to financial statements

                                       -7-

<PAGE>




               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP IV
                          NOTES TO FINANCIAL STATEMENTS
                  Nine Months Ended September 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 nine month periods ended September 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 nine months ended September 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 $2,490,369 and $2,514,540 at September 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 September 30, 1997 and
     1996 was $3,352,465 and $3,377,579  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 10.50% at
     September 30,  1997).  At September  30, 1997 the  outstanding  balance was
     $10,423. 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 $3,448,282 and $3,574,383 at September
     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
     $3,613,360 and $3,694,277 at September 30, 1997 and 1996, respectively. The
     interest  rate is  adjustable  quarterly  to a maximum  rate of 13.5% and a
     minimum rate of 7% (7.11% at September 30,  1997).  The mortgage is payable
     monthly in amounts which vary with the interest rate.  Monthly  payments at
     September  30,  1997  based on 7.11%  interest  rate were  $27,892.20.  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
     September 30, 1997 and 1996 was  $3,895,895 and  $3,926,969,  respectively.
     The mortgage is now in default and therefore payable on demand.

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

     An  adjustable  rate mortgage with a balance at September 30, 1997 and 1996
     of $1,011,763 and $1,024,978, 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 September  30,  1997).  The  mortgage is payable  monthly in amounts
     which vary with the interest rate.  Monthly  payments at September 30, 1997
     based on a 9% interest rate were $8,950. 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 $895,117 at September 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. In approximately July of 1997, the
     lender took this property back due to the default on the mortgage.

     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                        (14,979)
                                          -----------
       Balance, September 30              $    3,498
                                          ===========


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  $209,648 and $195,859 for the nine months ended September 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 nine  months  ended
     September 30, 1997 and 1996.










                                      -15-



<PAGE>



     RELATED PARTY TRANSACTIONS (CONTINUED)

     Accounts  payable to affiliates  amounted to $3,529,210  and  $2,878,647 at
     September 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  $243,005 and $225,701 for the nine months ended September 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 $9,900 for both the nine months ended September
     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 nine months ended September 30, 1997
     and 1996 as  reported  in the  statements  of  operations,  and as would be
     reported for tax purposes, is as follows:


                                              September 30,        September 30,
                                                  1997                 1996
                                                  ----                 ----
  
     Net loss - statement of operations       $  (699,301)        $ (1,208,598)
  
     Add to (deduct from):
        Difference in depreciation               (240,420)            ( 44,400)
        Gain on sale of property                    3,303                3,303
        Allowance for doubtful accounts           139,329              246,000
                                              -----------         ------------
  
     Net loss - tax return purposes           $  (797,089)        $ (1,003,695)
                                             ===========         ============


























                                      -17-


<PAGE>



     INCOME TAXES (CONTINUED)

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

                                                September 30,     December  31,
                                                     1997              1996
                                                     ----              ----

    Partners' (Deficit) - balance sheet        $  (3,906,766)   $   (3,521,907)

    Add to (deduct from):
       Accumulated difference in
       depreciation                               (5,788,555)       (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                                       1,475,441         1,332,809
                                                ------------     -------------
 
    Partners' (Deficit) - tax return purposes   $ (6,444,783)    $  (5,647,694)
                                                ============     =============


10.  SUBSEQUENT EVENTS

     At the  beginning  of November of 1997,  a receiver  was  appointed  by the
     lender for Evergreen  Terrace  Apartments due to a default on the mortgage.
     The receiver is currently  operating  the property and is  responsible  for
     collecting  income  and  paying  expenses.  The  Partnership  continues  to
     maintain the right to sell this property.


















                                      -18-



<PAGE>



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


The Partnership  continues to suffer with cash flow  shortages.  The residential
apartment  buildings in the Partnership  are all in need of capital  improvement
work in order to increase the attraction of the complexes to potential  renters.
This capital  improvement work is expected to further put a strain on cash flow.
Management has lost Chapelwood  Estates located in Monroeville,  Pennsylvania to
the lender who recently took back the property. Additionally,  Evergreen Terrace
Apartments in Lansing,  Michigan has been taken over by a receiver  appointed by
the lender. Management continues to negotiate with the lender, but currently the
receiver is collecting  the income and paying the expenses out of such income on
behalf of the property.

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  thus far in 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. In order for refinancing to take place, however, occupancies must increase
and stabilize at the residential complexes in the Partnership. Airlanes, the one
commercial  building  in the  Partnership,  continues  to  provide  cash  to the
Partnership,  thus cutting the cash flow shortage  resulting from the operations
of the residential complexes.


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

Net loss for the three  month  period  ended  September  30,  1997  amounted  to
$319,812 or $13.28 per limited  partnership unit versus a net loss for the three
month  period  ended  September  30,  1996 of  $754,701  or $31.33  per  limited
partnership  unit.  For the nine month period ended  September 30, 1997, the net
loss  amounted to $699,301 or $29.03 per limited  partnership  unit versus a net
loss of  $1,208,598  or $50.17 per limited  partnership  unit for the nine month
period ended September 30, 1996.






                                      -19-



<PAGE>


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

On a tax basis,  the  Partnership  generated  a loss of  $797,089  or $33.09 per
limited  partnership  unit for the nine month  period ended  September  30, 1997
versus a tax loss of $1,003,695 or $41.67 per limited  partnership  unit for the
nine month period ended September 30, 1996.

Partnership revenue for the quarter ended September 30, 1997 totaled $1,227,551,
a decrease of $89,000  from the same period in 1996.  For the nine month  period
ended   September  30,  1997  total  income   decreased  by  $104,244  from  the
corresponding  period in 1996.  Rental  income for the nine month  period  ended
September 30, 1997, totaled  $3,731,658,  which was a decrease of almost $89,000
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, most notably at Lakeview Apartments and Evergreen Terrace Apartments.
Other income also decreased by just over $15,000  between the nine month periods
ended  September 30, 1997 and September 30, 1996  primarily due to a decrease in
month-to-month  surcharges at virtually all residential  complexes and an almost
$3,000 decrease in laundry income at Sutton Park Apartments.

For the three month period ended  September 30, 1997, the  Partnership  expenses
totaled $1,558,641,  a decrease of $548,000 from the quarter ended September 30,
1996.  For the nine months ended  September 30, 1997, the  Partnership  expenses
totaled $4,699,863,  decreasing almost $654,000 from nine months ended September
30, 1996. There was an decrease in property operations expenses which management
believes reflects their continual cost controlling  factors and tight monitoring
of expenses.  While payroll and associated costs increased  significantly (i.e.,
by more than  $90,000)  due to the  capital  improvement  work being done at the
residential  properties  by  on-site  personnel,  repairs  and  maintenance  and
contracted  service  expenses  decreased in total in the  Partnership  by almost
$105,000. Several of the residential complexes in this Partnership are currently
undergoing much needed capital  improvement and "fix-up" work, so it is expected
that cash used to do capital improvements will continue to be higher than in the
previous year, thus making cash flow in this Partnership  tighter than ever. The
Partnership  did see a large decrease in real estate taxes during the first nine
months of 1997 as  compared  to the same  period  during  1996;  only  Creekside
Apartments had an increase in their real estate taxes between these two periods.
Administrative  costs  increased by almost  $25,000 during the nine months ended
September 30, 1997 as compared to those from the nine months ended September 30,
1996. The increase is primarily related to increased service and finance charges
which are a result of the cash flow shortages in the Partnership.  Although such
shortages  existed in previous years,  more of the  Partnership's  cash is being
used to pay for capital  improvements  in an effort to make the properties  more
desirable  for  potential  renters,  so service  charges on utility  bills,  for
example,  are being  incurred.  Management  feels the  improvements  made to the
complex will eventually  increase  occupancy and collections  thus making up for
the increased charges now being paid.




                                      -20-



<PAGE>


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

For the nine month period ended  September 30, 1997,  the Lakeview Joint Venture
generated  a net loss of  $92,348,  with  $14,979 of the loss  allocated  to the
minority  venturer.  For the nine months ended  September  30,  1996,  the joint
venture had a net loss of $122,177,  with  $19,817 of the loss  allocated to the
minority  venturer.  Total  income  increased  by just  under  $91,000,  with an
increase in rental income being  responsible for  approximately 67% of the total
increase.  Property  expenditures also increased by over $61,000; an increase in
property operations expenditures was responsible for most of the increase in the
costs of operations.





































                                      -21-



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

None.
























                                      -22-



<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                       November 12, 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                       November 12, 1997  
      ------------------------------            ------------------------
      Joseph M. Jayson,                         Date
      President and Director



      /s/Michael J. Colmerauer                  November 12, 1997  
      ------------------------------            ------------------------
      Michael J. Colmerauer                     Date
      Secretary