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, 1998                                                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, 1998 the issuer had 23,365.9 units of limited partnership
interest outstanding.




<PAGE>


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

                                      INDEX
                                      -----
<TABLE>
<CAPTION>


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

<S>              <C>                                                           <C>
                  Balance Sheets -
                           March 31, 1998 and December 31, 1997                 3

                  Statements of Operations -
                           Three Months Ended March 31, 1998 and 1997           4

                  Statements of Cash Flows -
                           Three Months Ended March 31, 1998 and 1997           5

                  Statements of Partners' (Deficit) -
                           Three Months Ended March 31, 1998 and 1997           6

                  Notes to Financial Statements                                 7 - 16


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

</TABLE>

                                      -2-
<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP IV
               --------------------------------------------------
                                 BALANCE SHEETS
                                 --------------
                      March 31, 1998 and December 31, 1997
                      ------------------------------------
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                                         March 31,                December 31,
                                                                           1998                       1997
ASSETS                                                                     ----                       ----
------
<S>                                                                 <C>                        <C>
Property, at cost:
     Land                                                            $       1,077,322          $       1,722,672
     Buildings and improvements                                             16,589,007                 27,450,004
     Furniture, fixtures and equipment                                       1,843,938                  2,571,795
                                                                    ------------------         ------------------
                                                                            19,510,267                 31,744,471
     Less accumulated depreciation                                           8,715,755                 13,950,395
                                                                    ------------------         ------------------
          Property, net                                                     10,794,512                 17,794,076
Escrow deposits                                                                662,119                    819,397
Interest and other receivables                                                       -                      5,829
Prepaid expenses                                                                48,652                    232,506
Mortgage costs, net of accumulated amortization
  of $256,835 and $475,463                                                     208,564                    217,287
Other assets                                                                    19,825                     19,825
                                                                    ------------------         ------------------

            Total Assets                                            $       11,733,672         $       19,088,920
                                                                    ==================         ==================


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

Liabilities:
     Cash overdraft                                                  $           6,009                    526,439
     Mortgages and notes payable                                            10,703,709                 17,740,913
     Accounts payable and accrued expenses                                     967,945                  1,146,631
     Accounts payable - affiliates                                           1,286,513                  3,666,949
     Accrued interest                                                          210,017                    203,119
     Security deposits and prepaid rents                                       299,309                    421,189
                                                                    ------------------         ------------------
            Total Liabilities                                               13,473,502                 23,705,240
                                                                    ------------------         ------------------

Minority interest in joint venture                                             (48,456)                   (28,677)
                                                                    ------------------         ------------------

Partners' (Deficit):
     General partners                                                         (623,720)                  (710,608)
     Limited partners                                                       (1,067,654)                (3,877,035)
                                                                    ------------------         ------------------
           Total Partners' (Deficit)                                        (1,691,374)                (4,587,643)
                                                                    ------------------         ------------------

           Total Liabilities and Partners' (Deficit)                $       11,733,672          $      19,088,920
                                                                    ==================         ==================

</TABLE>

                        See notes to financial statements

                                       -3-

<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP IV
               --------------------------------------------------
                            STATEMENTS OF OPERATIONS
                            ------------------------
                   Three Months Ended March 31, 1998 and 1997
                   ------------------------------------------
                                   (Unaudited)
                                   -----------
<TABLE>
<CAPTION>
                                                                         Three Months               Three Months
                                                                             Ended                      Ended
                                                                           March 31,                  March 31,
                                                                             1998                       1997
                                                                             ----                       ----
<S>                                                               <C>                          <C>
Income:
     Rental                                                          $         785,611          $       1,320,386
     Interest and other income                                                  37,759                     88,007
                                                                    ------------------         ------------------
     Total income                                                              823,370                  1,408,393
                                                                    ------------------         ------------------

Expenses:
     Property operations                                                       652,656                    676,102
     Interest:
          Paid to affiliates                                                    25,923                     90,809
          Other                                                                288,698                    389,837
     Depreciation and amortization                                             206,233                     96,218
     Administrative:
          Paid to affiliates                                                   112,455                    130,463
          Other                                                                220,248                    203,077
                                                                    ------------------         ------------------
     Total expenses                                                          1,506,213                  1,586,506
                                                                    ------------------         ------------------

Loss before allocated loss from joint venture
and extraordinary items                                                       (682,843)                  (178,113)

Loss allocated to minority interest                                             19,779                      2,393

Extraordinary items:
      Gain on sale
                                                                             3,559,333                          -
Net income (loss)
                                                                    $        2,896,269          $        (175,720)
                                                                    ==================         ==================

Gain/(loss) per limited partnership unit before
extraordinary gains                                                 $           (28.35)         $           (7.39)

Extraordinary gains per limited partnership                                     147.76          $               -
                                                                    ------------------         ------------------

Income (loss) per limited partnership unit                          $           120.23          $           (7.29)
                                                                    ==================         ==================

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

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

</TABLE>

                        See notes to financial statements

                                       -4-
<PAGE>

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP IV
               --------------------------------------------------
                            STATEMENTS OF CASH FLOWS
                            ------------------------
                   Three Months Ended March 31, 1998 and 1997
                   ------------------------------------------
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                          Three Months               Three Months
                                                                              Ended                      Ended
                                                                            March 31,                   March 31,
                                                                              1998                        1997
                                                                              ----                        ----

<S>                                                                    <C>                       <C>
Cash flow from operating activities:
     Net loss                                                           $    2,896,269              $    (175,720)

Adjustments to reconcile net loss to net cash
     (used in) operating activities:
     Depreciation and amortization                                             206,233                     96,218
     Loss allocated to minority interest                                       (19,779)                    (2,393)
     Extraordinary gains                                                    (3,559,333)                         -
Changes in operating assets and liabilities:
     Escrow deposits                                                           157,278                    (23,335)
     Interest and other receivables                                              5,829                     13,191
     Prepaid expenses                                                          183,854                     74,390
     Prepaid commisions                                                              -                    (29,763)
     Other assets                                                                    -                          -
     Accounts payable and accrued expenses                                    (178,686)                  (163,290)
     Accrued interest                                                            6,898                     21,444
     Security deposits and prepaid rent                                       (121,880)                     9,093
                                                                    ------------------         ------------------
Net cash (used in) operating activities                                       (423,317)                  (180,165)
                                                                    ------------------         ------------------

Cash flow from investing activities:
     Capital expenditures                                                   10,352,664                    (69,599)
     Increase in note(s) receivable                                                  -                          -
                                                                    ------------------         ------------------
     Net cash (used in) investing activities                                10,352,664                    (69,599)
                                                                    ------------------         ------------------

Cash flows from financing activities:
     Mortgage costs                                                              8,723                     (2,888)
     Cash overdraft                                                           (520,430)                   335,309
     Accounts payable - affiliates                                          (2,380,436)                    (5,060)
     Principal payments on mortgages and notes                              (7,037,204)                   (77,597)
     Proceeds from mortgage                                                          -                          -
                                                                    ------------------         ------------------
Net cash provided by financing activities                                   (9,929,347)                   249,764
                                                                    ------------------         ------------------

Increase (decrease) in cash                                                          -                          0

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

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

Supplemental Disclosure of Cash Flow Information:
     Cash paid for interest                                         $          307,723         $          459,202
                                                                    ==================         ==================
</TABLE>

                        See notes to financial statements

                                       -5-
<PAGE>


               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP IV
               --------------------------------------------------
                       STATEMENTS OF PARTNERS' (DEFICIT)
                       ----------------------------------
                        Three Months Ended March 31, 1998
                        ---------------------------------
                                   (Unaudited)
<TABLE>
<CAPTION>


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

<S>                                            <C>                              <C>           <C>
Balance, January 1, 1998                     $        (710,608)               23,366        $      (3,877,035)

Net loss
                                                        86,888                     -                2,809,381
                                             ------------------      ---------------        -----------------

Balance, March 31, 1998                      $        (623,720)               23,366        $     (1,067,654)
                                             ==================      ===============        =================
</TABLE>




                        See notes to financial statements


                                       -6-



<PAGE>

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP IV
               --------------------------------------------------
                          NOTES TO FINANCIAL STATEMENTS
                          -----------------------------
                   Three Months Ended March 31, 1998 and 1997
                   ------------------------------------------
                                   (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, 1998 and 1997,
      have been made in the financial statements. Such financial statements are
      unaudited and subject to any 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 23,363 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.

      Underthe 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)
---------------------------------------------------

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

      Use of Estimates:
      ----------------

      The preparation of financial statements in conformity with generally
      accepted accounting principals requires management to make estimates and
      assumptions that affect the reported amounts of assets and liabilities and
      disclosure of contingent assets and liabilities at the date of the
      financial statements and the reported amounts of revenues and expenses
      during the reporting period. Actual results could differ from those
      estimates.

      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 and totaled $853,248 and $770,643
      for the years ended December 31, 1997 and 1996, respectively. Generally,
      buildings and improvements are depreciated over 25 years, and furniture,
      fixture, and equipment are depreciated. 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.

                                      -8-
<PAGE>

      Rents Receivable:
      ----------------

      Due to the nature if these accounts, residential rent receivables are
      fully reserved for at December 31, 1997 and 1996.

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, 1990 the Partnership sold the Gold Key II apartment complex
      for $2,881,136 which generated a gain of $911,177 for financial statement
      purposes.


                                       -10-
<PAGE>

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

      In February 1996, the Partnership sold Airlane I and Airlane III, two
      office/warehouse buildings located in Nashville, Tennessee. The sale of
      the property generated a gain for financial statement purposes of
      $1,148,604 for the period ended March 31, 1998.

      In March 1998, the Partnership sold Creekside Apartments, two apartment
      complexes consisting of 96 and 144 units located in Flat Rock Michigan.
      The sale of the property generated a gain for financial statement purposes
      of $2,410,729 for the period ended March 31, 1998.







                                      -11-
<PAGE>

5.    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 $2,481,746 and $2,501,582 at March 31, 1998
      and 1997, respectively, provides for annual principal and interest
      payments at 8.25% payable in equal monthly installments of $37,204. The
      term of the mortgage is ten years with the remaining balance due and
      payable on February 1, 2006.

      The Partnership is currently not in compliance with certain debt covenants
      requiring timely submission of income tax returnsto the financial
      institution within thirty days of filing.


      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, 1998 and 1997
      was $3,322,801 and $3,361,461, 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, 1998 and 1997 the outstanding balance was
      $0 and $22,921, respectively.


      Creekside
      ---------

      An adjustable rate mortgage with an outstanding principal balance of $0
      and $3,651,727 at March 31, 1998 and 1997, 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. This property was sold March 1998, and
      the mortgage was paid in full.



                                      -12-


<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, 1998 and 1997 was $3,879,229 and $3,911,790, respectively.

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

      An adjustable rate mortgage with a balance at March 31, 1998 and 1997 of
      $1.009,005 and $1,017,156 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. As a result of the Partnership's failure to make regular principal
      and interest payements, the property was placed in receivership in October
      1997. There is a pending foreclosure action with respect to the property.
      Management has until September 1998 to either pay off the mortgage or sell
      the property, or the mortgagor will foreclose on the property.

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

      A 9.25% mortgage with a balance of $0 and $894,551 at March 31, 1998 and
      1997, 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 property is no longer owned
      by the Partnerhsip.

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



                                      -13-
<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
                  ----                                      ------

                  1998                               $      4,959,069
                  1999                                         76,794
                  2000                                         76,056
                  2001                                         89,653
                  2002                                         97,194
                  Thereafter                                5,404,943
                                                       --------------

                  TOTAL                                   $10,703,709
                                                       ==============

6.    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 interests of the
      Partnerships in the property were determined based on the fair value of
      the property as estimated by the General Partners. The Partnership has all
      the rights and responsibilities if a General Partner in the project.

      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:

                                            1998
                                            ----

     Balance, January 1                      $ (28,677)
     Allocated Loss                            (19,779)
                                            -----------
     Balance, March 31                        $(48,456)
                                            ===========

                                      -14-

<PAGE>

                             LAKEVIEW JOINT VENTURE
                             ----------------------
                                 BALANCE SHEETS
                                 --------------
                      March 31, 1998 and December 31, 1997
                      ------------------------------------
<TABLE>
<CAPTION>

                                                                              March 31,          December 31,
                                                                               1998                1997
ASSETS
<S>                                                                      <C>                 <C>
    Propery, net of accumulated depreciation                             $     2,319,107     $     2,359,318
    Other assets                                                                 212,799             192,873
                                                                         ---------------     ---------------
                 Total Assets                                            $     2,531,906     $     2,552,191
                                                                         ===============     ===============



LIABILITIES AND PARTNERS' (DEFICIENCY)

Liabilities:
     Cash overdraft                                                      $        30,944     $        97,360
     Mortgage payable                                                          2,481,746           2,487,288
     Accounts payable  and accrued expenses                                      237,124             229,389
     Accounts payable - affiliates                                               280,729             123,894
     Other liabilities                                                            48,313              39,270
                                                                         ---------------     ---------------
                 Total Liabilities                                             3,078,856           2,977,201
                                                                         ---------------     ---------------

Partners' (Deficiency)                                                          (546,950)           (425,010)
                                                                         ---------------     ---------------

                Total Liabilities and Partners' (Deficiency)             $     2,531,906     $     2,552,191
                                                                         ===============     ===============

</TABLE>


                                      -15-

<PAGE>
                             LAKEVIEW JOINT VENTURE
                             ----------------------
                            STATEMENTS OF OPERATIONS
                            ------------------------
                   Three Months Ended March 31, 1998 and 1997
                   ------------------------------------------


                                              Three Months        Three Months
                                                  Ended               Ended
                                                 March 31,           March 31,
                                                  1998                1997

Income:
     Rental                                $       81,081      $      187,098
     Interest and other income                      3,744              12,259
                                          ---------------     ---------------
     Total income                                  84,825             199,357
                                          ---------------     ---------------

Expenses:
     Property operations                           82,732              91,523
     Depreciation and amortization                 43,743               3,487
     Interest                                      51,544              73,397
     Administrative                                28,746              45,705
                                          ---------------     ---------------
     Total expenses                               206,765             214,112
                                          ---------------     ---------------

Net loss                                  $      (121,940)    $       (14,755)
                                          ===============     ===============

Allocation of net loss:

     The Partnership                       $      (19,779)    $        (2,393)
     Other Joint Venturer
                                                 (102,161)            (12,362)
                                          ---------------     ---------------

                                           $     (121,940)    $       (14,755)
                                          ===============     ===============

                                      -16-
<PAGE>


7.    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 $53,838 and $83,192 for the three months
      ended March 31, 1998 and 1997, respectively.

      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, 1998 and 1997.

      Accounts payable to affiliates amounted to $1,286,513 and $3,115,423 at
      March 31, 1998 and 1997, 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
      $25,923 and $90,809 for the three months ended March 31, 1998 and 1997.

      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, 1998 and 1997.


                                      -17-
<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 $58,617 and $59,173 for the three months ended March 31,
      1998 and 1997, respectively.


8.    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, 1998
      and 1997 as reported in the statements of operations, and as would be
      reported for tax purposes, is as follows:


                                                March 31,         March 31,
                                                  1998              1997
                                                  ----              ----

Net Gain/(loss) statement of operations       $2,896,269        $   (175,720)

Add to (deduct from):
     Difference in depreciation                  (95,170)           ( 80,140)
     Gain on foreclosure                            ----               1,101
     Allowance for doubtful accounts              40,614              46,443
                                            ------------      --------------

Net loss - tax return purposes                $2,841,713       $   ( 208,316)
                                            ============      ==============


                                      -18-

<PAGE>

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

      The reconciliation of Partners' (Deficit) as of March 31, 1998 and
      December 31, 1997 as reported in the balance sheet, and as reported for
      tax purposes, is as follows:
<TABLE>
<CAPTION>

                                                       March 31,                      December  31,
                                                         1998                             1997
                                                         ----                             ----
<S>                                                 <C>                                <C>
Partners' (Deficit) - balance sheet                 $   (1,691,374)                    $(3,383,185)
      $   (1,691,374)

Add to (deduct from):
     Accumulated difference in
     depreciation                                       (5,723,445)                     (5,628,275)
     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                                         -                               -
     Other                                               1,420,967                       1,380,353
                                                   ---------------                 ---------------

Partners' (Deficit) - tax return purposes            $   3,895,292                 $    (5,149,852)
                                                   ===============                 ===============

</TABLE>

                                      -19-
<PAGE>

PART II  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. 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, 1998 and 1997, 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. The units destroyed by fire at Sutton Park 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.

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

Net income for the three month period ended March 31, 1998 amounted to
$2,896,269 or $120.23 per limited partnership unit versus a net loss of $175,720
or $7.29 per limited partnership unit for the quarter ended March 31, 1997.

On a tax basis, the partnership generated a gain of $ 2,841,713or $ 117.97 per
limited partnership unit for the three month period ended March 31, 1998
compared to a tax loss of $208,316 or $8.65 per unit for the three month period
ended March 31, 1997.



                                      -20-
<PAGE>
Results of Operations  (continued):
----------------------------------

Partnership revenue for the quarter ended March 31, 1998 totaled $823,370
decreasing just over $ from the corresponding 1997 period relates to the sale of
Airlanes and Creekside during the quarter, decreasing rental income.

For the three month period ended March 31, 1998, partnership expenses totaled
$652,656 a decrease of $23,446 from the quarter ended March 31, 1997.

For the three month period ended March 31, 1998, the Lakeview Joint Venture
generated a net loss of $121,940 For the three months ended March 31, 1997, the
joint venture had a net loss of $14,755 with 16.22% of the loss, or $2,393,
allocated to the minority venturer.

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.





                                      -21-

<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP IV
               --------------------------------------------------


                                     PART II
                                     -------

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



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

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


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

Not applicable.


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

None.




                                      -22-
<PAGE>

                                   SIGNATURES
                                   ----------



Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


REALMARK PROPERTY INVESTORS
LIMITED PARTNERSHIP IV



By:      /s/ Joseph M. Jayson                          May 20, 1998
         ------------------------------             -------------------------
         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                          May 20, 1998
         ------------------------------              ------------------------
         Joseph M. Jayson,                                    Date
         President and Director



         /s/ Michael J. Colmerauer                     May 20, 1998
         ------------------------------              ------------------------
         Michael J. Colmerauer                                Date
         Secretary



                                      -23-