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
March 31, 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 March 31,  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 -
                  March 31, 1997 and December 31, 1996                  3

            Statements of Operations -
                  Three Months Ended March 31, 1997 and 1996            4

            Statements of Cash Flows -
                  Three Months Ended March 31, 1997 and 1996            5

            Statements of Partners' (Deficit) -
                  Three Months Ended March 31, 1997 and 1996            6

            Notes to Financial Statements                             7 - 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
                      March 31, 1997 and December 31, 1996
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                         March 31,      December 31,
                                                           1997             1996
                                                           ----             ----
<S>                                                    <C>             <C>   
ASSETS
------

Property, at cost:
     Land                                              $  1,773,922    $  1,773,922
     Buildings and improvements                          27,967,656      27,898,057
     Furniture, fixtures and equipment                    2,711,794       2,711,794
                                                       ------------    ------------
                                                         32,453,372      32,383,773
     Less accumulated depreciation                       13,826,795      13,753,437
                                                       ------------    ------------
          Property, net                                  18,626,577      18,630,336

Escrow deposits                                             787,901         764,566
Interest and other receivables                              578,064         591,255
Note receivable                                                   0               0
Prepaid expenses                                            142,239         216,629
Prepaid commissions, net of accumulated amortization
     of $131,651 and $122,454                                39,564          14,932
Mortgage costs, net of accumulated amortization
     of $510,888 and $493,159                               251,112         265,953
Other assets                                                  4,455           4,455
                                                       ------------    ------------

           Total Assets                                $ 20,429,912    $ 20,488,126
                                                       ============    ============

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

Liabilities:
     Cash overdraft                                    $    473,341    $    138,032
     Mortgages and notes payable                         18,861,727      18,939,324
     Accounts payable and accrued expenses                  701,139         864,429
     Accounts payable - affiliates                        3,162,694       3,167,754
     Accrued interest                                       193,896         172,452
     Security deposits and prepaid rents                    404,216         395,123
                                                       ------------    ------------
           Total Liabilities                             23,797,013      23,677,114
                                                       ------------    ------------

Minority interest in joint venture                           16,084          18,477
                                                       ------------    ------------

Partners' (Deficit):
     General partners                                      (674,475)       (669,203)
     Limited partners                                    (2,708,710)     (2,538,262)
                                                       ------------    ------------
          Total Partners' (Deficit)                      (3,383,185)     (3,207,465)
                                                       ------------    ------------

          Total Liabilities and Partners' (Deficit)    $ 20,429,912    $ 20,488,126
                                                       ============    ============
</TABLE>


                        See notes to financial statements

                                       -3-


<PAGE>

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP IV
                            STATEMENTS OF OPERATIONS
                   Three Months Ended March 31, 1997 and 1996
                                   (Unaudited)

                                                      Three Months  Three Months
                                                          Ended        Ended
                                                        March 31,    March 31,
                                                          1997          1996
                                                          ----          ----
Income:
     Rental                                          $ 1,320,386    $ 1,384,488
     Interest and other income                            88,007        108,552
                                                     -----------    -----------
     Total income                                      1,408,393      1,493,040
                                                     -----------    -----------

Expenses:
     Property operations                                 676,102        661,362
     Interest:
          Paid to affiliates                              90,809         63,223
          Other                                          389,837        418,133
     Depreciation and amortization                        96,218        238,733
     Administrative:
          Paid to affiliates                             130,463         87,196
          Other                                          203,077        167,496
                                                     -----------    -----------
     Total expenses                                    1,586,506      1,636,143
                                                     -----------    -----------

Loss before allocated loss from joint venture           (178,113)      (143,103)

Loss allocated to minority interest                        2,393          3,159
                                                     -----------    -----------

Net loss                                             ($  175,720)   ($  139,944)
                                                     ===========    ===========

Loss per limited partnership unit                    ($     7.29)   ($     5.81)
                                                     ===========    ===========

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

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


















                        See notes to financial statements

                                       -4-

<PAGE>

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP IV
                            STATEMENTS OF CASH FLOWS
                   Three Months Ended March 31, 1997 and 1996
                                   (Unaudited)

                                                       Three Months Three Months
                                                           Ended        Ended
                                                         March 31,    March 31,
                                                           1997          1996
                                                           ----          ----

Cash flow from operating activities:
     Net loss                                            ($175,720)   ($139,944)

Adjustments to reconcile net loss to net cash
     (used in) operating activities:
     Depreciation and amortization                          96,218      238,733
     Loss allocated to minority interest                    (2,393)      (3,159)
Changes in operating assets and liabilities:
     Escrow deposits                                       (23,335)           0
     Interest and other receivables                         13,191       28,955
     Prepaid expenses                                       74,390            0
     Prepaid commisions                                    (29,763)           0
     Other assets                                                0     (672,835)
     Accounts payable and accrued expenses                (163,290)      44,258
     Accrued interest                                       21,444      (46,820)
     Security deposits and prepaid rent                      9,093      (81,954)
                                                         ---------    ---------
Net cash (used in) operating activities                   (180,165)    (632,766)
                                                         ---------    ---------

Cash flow from investing activities:
     Capital expenditures                                  (69,599)           0
     Increase in note(s) receivable                              0       (6,178)
                                                         ---------    ---------
     Net cash (used in) investing activities               (69,599)      (6,178)
                                                         ---------    ---------

Cash flows from financing activities:
     Mortgage costs                                         (2,888)     (90,555)
     Cash overdraft                                        335,309     (125,619)
     Accounts payable - affiliates                          (5,060)     219,558
     Principal payments on mortgages and notes             (77,597)    (145,777)
     Proceeds from mortgage                                      0      781,337
                                                         ---------    ---------
Net cash provided by financing activities                  249,764      638,944
                                                         ---------    ---------

Increase (decrease) in cash                                      0            0

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

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


Supplemental Disclosure of Cash Flow Information:
     Cash paid for interest                              $ 459,202    $ 464,953
                                                         =========    =========

                        See notes to financial statements

                                       -5-

<PAGE>

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP IV
                        STATEMENTS OF PARTNERS' (DEFICIT)
                   Three Months Ended March 31, 1997 and 1996
                                   (Unaudited)


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

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

Net loss                                (4,198)               0        (135,746)
                                   -----------      -----------     -----------

Balance, March 31, 1996            ($  682,834)          23,366     ($2,979,017)
                                   ===========      ===========     ===========


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

Net loss                                (5,272)               0        (170,448)
                                   -----------      -----------     -----------

Balance, March 31, 1997            ($  674,475)          23,366     ($2,708,710)
                                   ===========      ===========     ===========































                        See notes to financial statements

                                       -6-

<PAGE>

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP IV
                          NOTES TO FINANCIAL STATEMENTS
                   Three Months Ended March 31, 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 three month periods  ended March 31, 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.









                                       -7-

<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.




                                       -8-

<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.









                                       -9-

<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 has determined that the
    sale of the properties is in the best interests of the limited partners. All
    contracts are cancelable by the buyer(s);  the actual date of closing on the
    sale of any  property  will  depend on  financing  availability,  tax credit
    availability and other factors.

    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 three months ended March 31, 1997 totaled approximately $46,500.

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.













                                      -10-

<PAGE>

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 $2,501,582 and $2,524,939 at March 31, 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 March 31, 1997 and 1996 was
    $3,361,461  and  $3,394,285,  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 10.25% at
    March 31,  1997).  At March 31,  1997 and 1996 the  outstanding  balance was
    $22,921 and $49,587,  respectively.  The note is due and payable February 1,
    1998.

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

    A 7.625%  mortgage with a balance of $3,500,539  and $3,599,280 at March 31,
    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
    $3,651,727  and  $3,745,882  at March 31, 1997 and 1996,  respectively.  The
    interest  rate is  adjustable  quarterly  to a  maximum  rate of 13.5% and a
    minimum  rate of 7% (7.09% at March  31,  1997).  The  mortgage  is  payable
    monthly in amounts which vary with the interest  rate.  Monthly  payments at
    March 31, 1997 based on 7.09% interest rate were $27,850. The balance of the
    mortgage is due and payable March 31, 1998.







                                      -11-

<PAGE>

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

    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 extended to March 1, 1997.  The balance as of March
    31, 1997 and 1996 was $3,911,790 and $3,948,467, respectively.

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

    An  adjustable  rate  mortgage  with a balance at March 31, 1997 and 1996 of
    $1,017,156  and  $1,036,006,  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;  the interest  rate shall
    never be less than 9% over the life of the loan  (9.00% at March 31,  1997).
    The  mortgage  is payable  monthly in amounts  which vary with the  interest
    rate. Monthly payments at March 31, 1997 based on a 9.00% 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 $894,551 and $898,421 at March 31, 1997
    and 1996,  respectively,  which  provides for annual  principal and interest
    payments of $89,586  payable in equal monthly  installments  with  remaining
    balance of $895,117 due  September  1, 1996.  The mortgage is now in default
    and therefore payable on demand.

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






















                                      -12-

<PAGE>

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

    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.

    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                       (  2,393)
                                          ----------
       Balance, March 31                  $   16,084
                                          ==========





                                       -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  $83,192 and $87,196 for the three  months  ended March 31, 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 three months ended March 31, 1997
    and 1996.

    Accounts  payable to  affiliates  amounted to $3,115,423  and  $2,212,802 at
    March 31, 1997 and 1996,  respectively.  The payables represent fees due and
    advances from the Corporate  General  Partner or an affiliate of the General
    Partners. Interest charged on accounts payable to affiliates totaled $90,809
    and $63,223 for the three months ended March 31, 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  $20,394 for both the three  months ended March
    31, 1997 and 1996.









                                      -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.  These  charges  totaled
    $59,173  and  $23,692  for the three  months  ended March 31, 1997 and 1996,
    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 three months ended March 31, 1997 and
    1996 as reported in the statements of  operations,  and as would be reported
    for tax purposes, is as follows:


                                                 March 31,           March 31,
                                                   1997                1996
                                                   ----                ----

    Net loss - statement of operations          $  (175,720)       $ (139,944)

    Add to (deduct from):
       Difference in depreciation                  ( 80,140)         ( 14,800)
       Gain on sale of property                       1,101             1,101
       Allowance for doubtful accounts               46,443            82,000
                                                -----------        ----------
 
    Net loss - tax return purposes              $ ( 208,316)       $ ( 71,643)
                                                ===========        ========== 








                                      -15-

<PAGE>

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

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

                                                March 31,        December  31,
                                                  1997                1996
                                                  ----                ----

    Partners' (Deficit) - balance sheet       $ (3,383,185)       $ (3,661,851)
         $   (3,207,465)

    Add to (deduct from):
       Accumulated difference in
       depreciation                             (5,628,275)         (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)
       Other                                     1,380,353           1,332,809
                                              ------------        ------------

    Partners' (Deficit) - tax return purposes $ (5,149,852)       $ (5,647,694)
                                              ============        ============ 


























                                      -16-

<PAGE>

PARTII   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         -----------------------------------------------------------------------
         OF OPERATIONS.
         --------------

The  Partnership  continues  to  encounter  cash  flow  difficulties,  primarily
stemming from poor cash  collections,  low  occupancies at Lakeview  Apartments,
Creekside  Apartments,  Evergreen  Terrace  Apartments and  Chapelwood  Estates.
Airlane Office Warehouse located in Nashville,  Tennessee continues to have high
occupancy  and  generate  positive  cash flow for the  Partnership.  The General
Partner and its affiliates  continue to loan the Partnership funds to cover cash
flow shortages,  although under no obligation to do so. There continues to be no
assurance  that the  General  Partner  will  continue  to  advance  funds to the
Partnership.  All advances are payable on demand.  The  Partnership did not make
any distributions for the three month periods ended March 31, 1997 and 1996, and
it does not  envision  making any  future  distributions  until all  partnership
obligations  are  satisfied,  which will most likely not occur until the sale of
one or more properties in the Partnership.

Attractive incentive plans have been put in place to bring in new tenants; plans
for capital improvements, such as exterior painting and repairs to woodwork, are
also in place.  There are extensive capital  improvements  underway at Creekside
Apartments,  where all decks are being replaced, and at Willow Creek Apartments,
where concrete  patios are being  reconstructed.  The units destroyed by fire at
Sutton Park during the fourth quarter of 1996 are almost fully  re-built.  These
units were upgraded in hopes of commanding  higher rents. The on-site  personnel
at this property has been successful in leasing almost all of the upgraded (i.e.
re-built) units to date.

Management is also hopeful that the pending sale(s) of various of the properties
in this  partnership  will  continue  to move  closer  to  finality.  Since  the
contracts signed are all cancelable by the buyer, management continues to market
the  properties  to other  interested  parties in search of a more firm  closing
commitment.


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

Net loss for the three month period ended March 31, 1997 amounted to $175,720 or
$7.29 per  limited  partnership  unit versus a net loss of $139,944 or $5.81 per
limited partnership unit for the quarter ended March 31, 1996.

On a tax  basis,  the  partnership  generated  a loss of  $208,316  or $8.65 per
limited  partnership  unit for the three  month  period  ended  March  31,  1997
compared to a tax loss of $71,643 or $2.97 per unit for the three  month  period
ended March 31, 1996.









                                      -17-

<PAGE>

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

Partnership  revenue for the quarter  ended March 31, 1997  totaled  $1,408,393,
decreasing just over $84,500 from the corresponding  1996 period.  Rental income
decreased over $64,000, while interest and other income decreased  approximately
$20,500. The decrease in both rental and other income was due to lower occupancy
and therefore lower laundry revenue,  forfeited security deposits,  etc. in most
properties in the Partnership.

For the three month period ended March 31, 1997,  partnership  expenses  totaled
$1,586,506,  a decrease  of  $49,637  from the  quarter  ended  March 31,  1996.
Property operations expenses increased by slightly less than $15,000 between the
two quarters,  primarily due to increased  repairs and maintenance  costs in the
form of paint and carpet at the  residential  properties.  This  increase is the
result of  efforts to upgrade  the units in an effort to  attract  new  tenants.
Interest expense paid to affiliates increased by approximately  $27,500 due to a
higher carrying value on the General Partner advances through the first quarter.
Other interest expense decreased approximately $28,000,  primarily the result of
new debt structure  agreements  reached between the Partnership and the mortgage
holders.  Administrative  charges  meanwhile,  increased  roughly $79,000.  This
increase can be attributed to increases in legal fees resulting from  collection
work and  finance and service  charges  which were  incurred as a result of cash
flow shortages.

For the three month  period ended March 31, 1997,  the  Lakeview  Joint  Venture
generated a net loss of $14,755 with 16.22% of the loss, or $2,393, allocated to
the minority  venturer.  For the three  months  ended March 31, 1996,  the joint
venture had a net loss of $19,474.  The primary  reason for the  decrease in the
loss between the two quarters is the decrease in depreciation expense due to the
requirements of Financial  Accounting  Standards  Statement No. 121 described in
Note 4 to the financial statements.

Management  is putting  forth every  effort to decrease  expenses  and  increase
income in the Partnership.  Additional advertising and marketing is planned as a
means of attracting new tenants.  Capital improvements are underway at virtually
all of the residential properties in the Partnership, thus cash flow is expected
to remain tight for the next several months. It is management's hope that one of
the properties with a signed sales contract will close shortly, but in the event
that this does not occur,  there is a possibility  that the Partnership  will go
into default on one of its mortgages.














                                      -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
-----------------------------------------

None.
























                                      -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                       June 9, 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                       June 9, 1997  
      ------------------------------            ------------------------
      Joseph M. Jayson,                         Date
      President and Director



      /s/Michael J. Colmerauer                  June 9, 1997  
      ------------------------------            ------------------------
      Michael J. Colmerauer                     Date
      Secretary
















                                       20