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, 1996                                             0-14386

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


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



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

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

Indicate  by a check mark  whether  the  Registrant:  (1) has filed all  reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
Registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days. Yes  X   No
                                              ---     ---
 
Indicate by a check mark if disclosure of delinquent  filers  pursuant to Item
405 of Regulation S-K is not contained herein,  and will not be contained,  to
the best of the  registrant's  knowledge,  in definitive  proxy or information
statements  incorporated  by  reference  in part III of this  Form 10-Q or any
amendment to this Form 10-Q.  (X)


As of September  30, 1996 the issuer had 23,365.9  units of limited  partnership
interest outstanding.


<PAGE>

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

                                      INDEX
                                      -----


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

            Balance Sheets -
                  September 30, 1996 and December 31, 1995              3

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

            Statements of Operations -
                  Nine Months Ended September 30, 1996 and 1995         5

            Statements of Cash Flows -
                  Nine Months Ended September 30, 1996 and 1995         6

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

            Notes to Financial Statements                             8 - 17


PART II:    MANAGEMENT'S DISCUSSION & ANALYSIS OF
            FINANCIAL CONDITION & RESULTS OF OPERATIONS              18 - 19
            -------------------------------------------






















                                       -2-


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

Property, at cost:
     Land                                               $  1,773,922    $  1,773,922
     Buildings and improvements                           27,909,615      27,641,015
     Furniture, fixtures and equipment                     2,711,794       2,711,794
                                                        ------------    ------------
                                                          32,395,331      32,126,731
     Less accumulated depreciation                        13,955,385      13,104,388
                                                        ------------    ------------
          Property, net                                   18,439,946      19,022,343

Interest and other receivables                                53,534          65,026
Note receivable                                              154,875         154,875
Mortgage costs, net of accumulated amortization
     of $467,108 and $634,587                                280,856         172,966
Other assets                                                 862,457         567,583
                                                        ------------    ------------

             Total Assets                               $ 19,791,668    $ 19,982,793
                                                        ============    ============


LIABILITIES AND PARTNERS' (DEFICIT)

Liabilities:
     Cash overdraft                                     $     84,115    $    252,805
     Mortgages and notes payable                          19,854,943      19,414,288
     Accounts payable and accrued expenses                 1,243,581         991,181
     Accounts payable - affiliates                         2,878,647       2,220,847
     Accrued interest                                         62,145         156,525
     Security deposits and prepaid rents                     399,537         414,471
                                                        ------------    ------------
             Total Liabilities                            24,522,969      23,450,117
                                                        ------------    ------------

Minority interest in joint venture                             (795)          54,583
                                                        ------------    ------------

Partners' (Deficit):
     General partners                                       (714,894)       (678,636)
     Limited partners                                     (4,015,612)     (2,843,271)
                                                        ------------    ------------
            Total Partners' (Deficit)                     (4,730,506)     (3,521,907)
                                                        ------------    ------------

            Total Liabilities and Partners' (Deficit)   $ 19,791,668    $ 19,982,793
                                                        ============    ============

</TABLE>



                        See notes to financial statements

                                       -3-

<PAGE>

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

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

Income:
     Rental                                          $ 1,235,723    $ 1,435,656
     Interest and other income                            80,831         44,624
                                                     -----------    -----------
     Total income                                      1,316,554      1,480,280
                                                     -----------    -----------

Expenses:
     Property operations                                 846,200        877,977
     Interest:
          Paid to affiliates                             100,261         44,630
          Other                                          378,765        297,311
     Depreciation and amortization                       434,097        302,237
     Administrative:
          Paid to affiliates                             193,965        204,669
          Other                                          153,535         98,330
                                                     -----------    -----------
     Total expenses                                    2,106,824      1,825,154
                                                     -----------    -----------

Loss before allocated loss from joint venture           (790,270)      (344,874)

Loss allocated to minority interest                       35,568         15,675
                                                     -----------    -----------

Net loss                                             $  (754,701)   $  (329,199)
                                                     ===========    ===========

Loss per limited partnership unit                    $    (31.33)   $    (13.67)
                                                     ===========    ===========

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, 1996 and 1995
                                   (Unaudited)

                                                     Nine Months    Nine Months
                                                        Ended          Ended
                                                    September 30,  September 30,
                                                         1996           1995
                                                         ----           ----

Income:
     Rental                                          $ 3,820,605    $ 4,213,998
     Interest and other income                           269,222        202,374
                                                     -----------    -----------
     Total income                                      4,089,827      4,416,372
                                                     -----------    -----------

Expenses:
     Property operations                               2,182,076      2,478,515
     Interest:
          Paid to affiliates                             225,701        125,667
          Other                                        1,176,821      1,141,558
     Depreciation and amortization                       948,388        906,715
     Administrative:
          Paid to affiliates                             381,784        529,821
          Other                                          439,035        349,594
                                                     -----------    -----------
     Total expenses                                    5,353,806      5,531,870
                                                     -----------    -----------

Loss before allocated loss from joint venture         (1,263,979)    (1,115,498)

Loss allocated to minority interest                       55,380         35,492
                                                     -----------    -----------

Net loss                                             $(1,208,599)   $(1,080,006)
                                                     ===========    ===========

Loss per limited partnership unit                    $    (50.17)   $    (44.83)
                                                     ===========    ===========

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, 1996 and 1995
                                   (Unaudited)


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

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

Net loss                                 (32,400)           --       (1,047,606)
                                     -----------     -----------    -----------

Balance, September 30, 1996          $  (668,151)         23,366    $(2,504,274)
                                     ===========     ===========    ===========


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

Net loss                                 (36,258)           --       (1,172,341)
                                     -----------     -----------    -----------

Balance, September 30, 1996          $  (714,894)         23,366    $(4,015,612)
                                     ===========     ===========    ===========



























                        See notes to financial statements


                                       -6-

<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP IV
                            STATEMENTS OF CASH FLOWS
                  Nine Months Ended September 30, 1996 and 1995
                                   (Unaudited)
                                                     Nine Months   Nine Months
                                                         Ended         Ended
                                                     September 30, September 30,
                                                          1996          1995
                                                          ----          ----
Cash flow from operating activities:
     Net loss                                        $(1,208,599)   $(1,080,006)

Adjustments to reconcile net loss to net cash
     (used in) operating activities:
     Depreciation and amortization                       948,388        906,715
     Loss allocated to minority interest                 (55,380)       (35,492)
Changes in operating assets and liabilities:
     Interest and other receivables                       11,492         30,047
     Other assets                                       (294,874)      (253,995)
     Accounts payable and accrued expenses               252,400        352,902
     Accrued interest                                    (94,380)        21,178
     Security deposits and prepaid rent                  (14,934)       (65,538)
                                                     -----------    -----------
Net cash (used in) operating activities                 (455,886)      (124,189)
                                                     -----------    -----------
Cash flow from investing activities:
     Capital expenditures                               (268,818)          --
     Increase in note(s) receivable                         --             --
                                                     -----------    -----------
     Net cash (used in) investing activities            (268,818)          --
                                                     -----------    -----------
Cash flows from financing activities:
     Mortgage costs                                     (205,060)       (48,663)
     Cash overdraft                                     (168,690)          --
     Accounts payable - affiliates                       657,800        351,803
     Principal payments on mortgages and notes          (340,682)      (166,586)
     Proceeds from mortgage                              781,337           --
                                                     -----------    -----------
Net cash provided by financing activities                724,705        136,554
                                                     -----------    -----------

Increase (decrease) in cash                                 --           12,365

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

Cash - end of period                                 $      --      $    12,365
                                                     ===========    ===========

Supplemental Disclosure of Cash Flow Information:
     Cash paid for interest                          $ 1,271,202    $ 1,141,558
                                                     ===========    ===========

                        See notes to financial statements

                                       -7-

<PAGE>

  
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP IV
                          NOTES TO FINANCIAL STATEMENTS
                  Nine Months Ended September 30, 1996 and 1995
                                   (Unaudited)

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

   In the opinion of the General Partners of Realmark Property Investors Limited
   Partnership  IV, all  adjustments  necessary for a fair  presentation  of the
   Partnership's  financial position,  results of operations and changes in cash
   flows for the nine month periods ended September 30, 1996 and 1995, have been
   made in the financial statements. Such financial statements are unaudited and
   subject to any year-end adjustments which may be necessary.

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

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

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

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




                                       -8-

<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

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


                                       -9-

<PAGE>

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

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

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

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

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

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

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

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

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











                                      -10-

<PAGE>

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

   In  connection  with  the  sale of the Gold  Key II  apartment  complex,  the
   Partnership took back a second mortgage as security for two notes receivable.
   The first note for  $155,000  carried an interest  rate of 10% with  interest
   payable monthly and the remaining  balance payable at maturity on October 11,
   1995.  The  second  note for  $75,000  carried an  interest  rate of 10% with
   principal  payments  payable in five annual  installments  of $15,000 and any
   remaining  interest  payable at maturity on October 11, 1995.  Neither of the
   notes  were  paid in full  by the  maturity  date.  Applicable  interest  and
   penalties have been accrued  through  September 30, 1996. The General Partner
   is  pursuing  legal  action to  collect  on these  notes.  During  1994,  the
   Partnership assigned the rights to receive the proceeds of the above notes as
   additional collateral for the mortgage on Evergreen Terrace Apartments.

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

   The Partnership has the following mortgages and notes payable:

   Lakeview
   --------

   In January 1996,  the  Partnership  refinanced  the mortgage.  The refinanced
   mortgage,  with a balance of $2,514,540  at September 30, 1996,  provides for
   annual  principal  and interest  payments at 8.25%  payable in equal  monthly
   installments of $232,924.

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

   The  property  was  refinanced  January  11,  1996  with an 8%  mortgage  for
   $3,400,000,  and an  unsecured  $50,000  promissory  note.  The new  mortgage
   provides  for annual  principal  and  interest  payments of $306,174 in equal
   monthly  installments.  The balance  outstanding  at  September  30, 1996 was
   $3,377,579.  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 September 30,  1996).  At September 30, 1996
   the outstanding balance was $39,585.  The note is due and payable February 1,
   1998.











                                      -11-

<PAGE>

   MORTGAGES AND NOTES PAYABLE  (CONTINUED)

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

   A 7.625%  mortgage with a balance of $3,574,383 at September 30, 1996,  which
   provides for annual  principal and interest  payments of $369,783  payable in
   equal monthly installments, with the remaining balance due January 1, 1999.

   Creekside
   ---------

   An  adjustable  rate  mortgage  with  an  outstanding  principal  balance  of
   $3,694,277 and $3,757,669 at September 30, 1996 and 1995,  respectively.  The
   interest  rate is  adjustable  quarterly  to a  maximum  rate of 13.5%  and a
   minimum rate of 7% (7.07% at  September  30,  1996).  The mortgage is payable
   monthly in amounts  which vary with the interest  rate.  Monthly  payments at
   September 30, 1996 based on 7.07% interest rate were $27,804.37.  The balance
   of the mortgage is due and payable March 31, 1998.

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

   A 9.25%  mortgage with an original  balance of $4,080,000  which provides for
   annual  principal and interest  payments of $393,023 payable in equal monthly
   installments  with the remaining  balance of  $3,929,432  due on September 1,
   1996.  The  balance as of  September  30,  1996 and 1995 was  $3,926,969  and
   $3,955,359, respectively.  Management continues to look for new financing for
   this property;  the mortgagor has granted a temporary  extension  until March
   1997.

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

   An adjustable  rate mortgage with a balance at September 30, 1996 and 1995 of
   $1,024,978  and  $1,039,562,  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, 1996). The mortgage is payable monthly in amounts which vary
   with the interest rate.  Monthly payments at September 30, 1996 based on a 9%
   interest rate were $8,962. The balance of the mortgage is due and payable May
   24, 1998.












                                      -12-

<PAGE>

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

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

   A 9.25%  mortgage  with a balance of $895,117 and  $901,600 at September  30,
   1996 and 1995, respectively, which provides for annual principal and interest
   payments of $89,586  payable in equal  monthly  installments  with  remaining
   balance of $895,117 due  September 1, 1996.  A temporary  extension  has been
   granted  to  November  1,  1996;  management  is  currently  looking  for new
   financing for this property.

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

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

                   Year                   Amount
                   ----                   ------

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

                   TOTAL                  $  19,182,187

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

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

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







                                      -13-

<PAGE>

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

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

                                               1996                  1995
                                               ----                  ----

       Balance, January 1                 $    54,583             $  97,207
       Allocated Loss                        ( 55,380)              (35,492)
                                          -----------             ---------
       Balance, September 30              $  (    797)            $  61,715

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
   $195,859 and $210,158 for the nine months ended  September 30, 1996 and 1995,
   respectively.

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

   According to the terms of the Partnership  Agreement,  the Corporate  General
   Partner is also entitled to receive a partnership  management fee equal to 7%
   of net cash flow (as defined in the  Partnership  Agreement),  2% of which is
   subordinated  to the limited  partners  having received an annual cash return
   equal to 7% of their average adjusted capital contributions.  No such fee was
   paid or accrued by the  partnership  for the nine months ended  September 30,
   1996 and 1995.

   Accounts  payable to  affiliates  amounted to  $2,878,647  and  $1,868,076 at
   September 30, 1996 and 1995,  respectively.  The payable  represents fees due
   and  advances  from the  Corporate  General  Partner or an  affiliate  of the
   General Partners.  Interest charged on accounts payable to affiliates totaled
   $225,701 and $125,667 for the nine months ended September 30, 1996 and 1995.










                                      -14-

<PAGE>

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

   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, 1996 and 1995.

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

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

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

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












                                      -15-

<PAGE>

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

   The  reconciliation  of net loss for the nine months ended September 30, 1996
   and  1995 as  reported  in the  statements  of  operations,  and as  would be
   reported for tax purposes, is as follows:

                                                September 30,    September 30,
                                                      1996              1995
                                                      ----              ----

   Net loss - statement of operations             $(1,208,598)     $(1,080,006)
   
   Add to (deduct from):
        Difference in depreciation                    (44,400)        (100,088)
        Gain on sale of property                        3,303             --
        Allowance for doubtful accounts               246,000          212,777
                                                  -----------      -----------
   
   Net loss - tax return purposes                 $(1,003,695)     $  (967,317)
   
   
   The  reconciliation  of  Partners'  (Deficit)  as of  September  30, 1996 and
   December 31, 1995 as reported in the balance  sheet,  and as reported for tax
   purposes, is as follows:
   
                                                   September 30,   December 31,
                                                       1996            1995
                                                       ----            ----

   Partners' (Deficit) - balance sheet            $(4,730,505)     $(3,521,907)
   
   Add to (deduct from):
        Accumulated difference in
        depreciation                               (5,271,975)      (5,227,575)
        Accumulated amortization                      382,695          382,695
        Syndication fees                            2,734,297        2,734,297
        Difference in book and tax
        basis in partnership investments             (635,737)        (635,737)
        Other                                       1,396,342        1,147,039
                                                  -----------      -----------
   
   Partners' (Deficit) - tax return purposes      $(6,124,883)     $(5,121,188)
  











                                      -16-

<PAGE>

10. PENDING SALES
    -------------

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










































                                      -17-

<PAGE>


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

The Partnership  continues to struggle with cash shortfalls  being funded by the
General  Partner,  although under no obligation to do so. At this point in time,
there is no assurance that the General Partner will continue to advance funds to
assist with the Partnership's cash flow difficulties.  The Partnership  suffered
from another  disappointing  quarter further adding to the pains incurred during
the year thus far. Total revenue decreased  dramatically  (i.e. by approximately
$326,000)  from the same nine month  period in the  previous  year,  while total
expenses  only  decreased  by  $178,000  for  the  same  period.  Management  is
optimistic  that the decrease in expenses will continue as more control is being
exercised  over  expenditures;  with more  control  over  spending now in place,
management is focusing on ways to increase  operating  revenue.  Occupancies  at
several of the  residential  properties in the  Partnership  remain in the upper
70's, which has resulted in the large decrease in rental income this year. Great
emphasis  is now being  placed on  increasing  occupancies  by  focusing on more
effective  advertising,  improving  maintenance at the properties,  painting and
other  improvements to add to the properties' curb appeal,  etc.  Management has
also made  changes in personnel  in an attempt to hire more  experienced  staff,
thus creating a "fresh" attitude and approach.

The Partnership  continues to review the possibility of refinancing mortgages in
order to reduce interest rates and increase cash flow.  Additionally,  there are
signed  contracts for the sale of five properties  within the  Partnership.  The
sale of any one of these  properties is expected to bring in the additional cash
which the Partnership needs to do the capital improvements that are necessary as
the properties  continue to age. The General  Partner  continues to work towards
closing the pending sales, although there is still no firm closing date. At this
time it is highly  unlikely that the Limited  Partners will receive any proceeds
from the sale.

There were no distributions  for the nine month periods ended September 30, 1996
and 1995. The Partnership  does not expect to resume  distributions  until it is
able to  generate  sufficient  excess  cash flow and repay the  General  Partner
advances  and the other  obligations  of the  Partnership.  The General  Partner
believes  that  unless  there is a  significant  increase  in income and a major
reduction in expenses,  some of the properties in this  Partnership  could be in
default with regard to their mortgages.












                                     -18-

<PAGE>

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

Net loss for the three  month  period  ended  September  30,  1996  amounted  to
$754,701 or $31.33 per limited  partnership unit versus a net loss for the three
month  period  ended  September  30,  1995 of  $329,199  or $13.67  per  limited
partnership.  For the nine month period ended  September 30, 1996,  the net loss
amounted to $1,208,598 or $50.17 per limited  partnership unit versus a net loss
of $1,080,006 or $44.83 per limited  partnership  unit for the nine month period
ended September 30, 1995.

On a tax basis, the Partnership generated a loss for the nine month period ended
September  30, 1996 of  $1,272,514 or $52.83 per unit versus a tax loss $967,317
or $40.16 per unit for the nine month period ended September 30, 1995

Partnership   revenue  for  the  quarter  ended  September  30,  1996,   totaled
$1,316,554, decreasing $163,726 from the same quarter of 1995 period. Rental for
the three month period decreased rather substantially as compared to that of the
same quarter in the previous year.  This is due to the low occupancy  levels and
collection  problems  at  Creekside  Apartments,  Willow  Creek  Apartments  and
Chapelwood  Estates  (formerly  Cedar  Court).  For the nine month  period ended
September 30, 1996, rental revenue totaled  $3,820,605.  The total rental income
decreased by $393,393 over the same time period in 1995.

For the three month period ended September 30, 1996, the Partnership's  expenses
totaled $2,106,824, an increase of $281,670 over the quarter ended September 30,
1995.  For the nine months ended  September 30, 1996, the  Partnership  expenses
totaled  $5,353,806,  decreasing  over  $178,064  from  the  nine  months  ended
September  30, 1995.  The largest  decrease  can be seen in property  operations
expenses.  Management  continues to monitor very  closely  payroll,  repairs and
maintenance,  and contracted  service costs. These have traditionally been areas
where  expenses/costs  have been high, so effort has been put forward to control
these by, for example,  handling  more  maintenance  work in-house as opposed to
bringing in outside  contractors.  Interest  expense to affiliates  continues to
increase as General Partner advances increase.

For the nine month period ended  September 30, 1996,  the Lakeview Joint Venture
generated  net loss of  $341,433,  with  $55,380  of the loss  allocated  to the
minority  venturer.  For the nine months ended  September  30,  1995,  the joint
venture has a net loss of $122,177,  with  $19,817 of the loss  allocated to the
minority venturer.  This property saw a large increase in operating expenses for
the first nine  months of 1996 as  compared  to those  incurred  during the same
period in 1995.  Management  continues  to put forth  great  efforts  to control
payroll  and  associated  costs,  as  well as  maintenance  expenses,  for  this
property;  these are felt to be the areas  where  control  is needed in order to
turn this property around.









                                      -19-

<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.























                                      -20-

<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                       March 14, 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                       March 14, 1997  
      ------------------------------            ------------------------
      Joseph M. Jayson,                         Date
      President and Director



      /s/Michael J. Colmerauer                  March 14, 1997  
      ------------------------------            ------------------------
      Michael J. Colmerauer                     Date
      Secretary