FORM 10-QSB--QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF
                     THE SECURITIES EXCHANGE ACT OF 1934
                       Quarterly or Transitional Report
                 (As last amended by 34-32231, eff. 6/3/93.)


                   U. S. SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                 Form 10-QSB

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES 
     EXCHANGE ACT OF 1934

               For the quarterly period ended January 31, 1997

                                      or

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934


                For the transition period.........to.........

                        Commission file number 0-10884


                  SHELTER PROPERTIES IV LIMITED PARTNERSHIP
      (Exact name of small business issuer as specified in its charter)

         South Carolina                                  57-0721760
(State or other jurisdiction of                       (I.R.S. Employer
incorporation or organization)                        Identification No.)

One Insignia Financial Plaza, P.O. Box 1089
      Greenville, South Carolina                            29602
(Address of principal executive offices)                  (Zip Code)

                   Issuer's telephone number (864) 239-1000

Check whether the issuer (1) 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      .



                        PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

a)                    SHELTER PROPERTIES IV LIMITED PARTNERSHIP

                           CONSOLIDATED BALANCE SHEET
                                  (Unaudited)
                                 (in thousands)

                                January 31, 1997
<TABLE>
<CAPTION>

<S>                                                    <C>              <C>
Assets
  Cash and cash equivalents:
     Unrestricted                                                        $ 1,734
     Restricted--tenant security deposits                                    270
  Accounts receivable                                                         40
  Escrow for taxes                                                           261
  Restricted escrows                                                       1,696
  Other assets                                                               534
  Investment properties:
     Land                                               $  3,442
     Buildings and related personal property              55,791
                                                          59,233
     Less accumulated depreciation                       (30,805)         28,428

                                                                         $32,963

Liabilities and Partners' Capital (Deficit)

Liabilities
  Accounts payable                                                       $   192
  Tenant security deposits                                                   270
  Accrued taxes                                                               68
  Other liabilities                                                          243
  Mortgage notes payable                                                  24,464

Partners' Capital
  General partners                                      $     (7)
  Limited partners (49,995 units
     issued and outstanding)                               7,733           7,726

                                                                         $32,963


<FN>
           See Accompanying Notes to Consolidated Financial Statements
</TABLE>

b)                    SHELTER PROPERTIES IV LIMITED PARTNERSHIP

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (Unaudited)

                      (in thousands, except per unit data)



                                                 Three Months Ended January 31,
                                                       1997             1996
Revenues:
  Rental income                                      $2,600           $2,531
  Other income                                          164              148
     Total revenues                                   2,764            2,679
Expenses:
  Operating                                             805              827
  General and administrative                             64               90
  Maintenance                                           470              446
  Depreciation                                          468              446
  Interest                                              559              569
  Property taxes                                        200              183
  Loss on disposal of property                           39               --
     Total expenses                                   2,605            2,561

   Net income                                        $  159           $  118

Net income allocated to general partners (1%)        $    2           $    1
Net income allocated to limited partners (99%)          157              117
                                                     $  159           $  118

Net income per limited partnership unit              $ 3.16           $ 2.33


          See Accompanying Notes to Consolidated Financial Statements


c)                     SHELTER PROPERTIES IV LIMITED PARTNERSHIP

       CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
                                  (Unaudited)

                       (in thousands, except unit data)

<TABLE>
<CAPTION>
                                    Limited
                                  Partnership    General      Limited
                                     Units       Partners     Partners          Total
<S>                                 <C>           <C>        <C>             <C>
Original capital contributions       50,000        $  2       $50,000         $50,002

Partners' capital at
 October 31, 1996                    49,995        $ (4)      $ 8,076         $ 8,072

Net income for the three
 months ended January 31, 1997                        2           157             159

Partners' distributions                              (5)         (500)           (505)

Partners' capital at
 at January 31, 1997                 49,995        $ (7)      $ 7,733         $ 7,726

<FN>
          See Accompanying Notes to Consolidated Financial Statements
</TABLE>

d)                    SHELTER PROPERTIES IV LIMITED PARTNERSHIP

                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (Unaudited)

                                 (in thousands)
<TABLE>
<CAPTION>
                                                      Three Months Ended January 31,
                                                            1997            1996
<S>                                                      <C>            <C>
Cash flows from operating activities:
  Net income                                              $  159         $   118
  Adjustments to reconcile net income to net
    cash provided by operating activities:
    Depreciation                                             468             446
    Amortization of discounts and loan costs                  68              66
    Loss on disposition of property                           39              --
    Change in accounts:
      Restricted cash                                          3              (9)
      Accounts receivable                                      7              (4)
      Escrows for taxes                                      562             513
      Other assets                                            10              --
      Accounts payable                                       (82)           (240)
      Tenant security deposit liabilities                     (5)             13
      Accrued taxes                                         (574)           (538)
      Other liabilities                                     (255)            (45)
       Net cash provided by operating activities             400             320

Cash flows from investing activities:
  Property improvements and replacements                    (261)           (263)
  Deposits to restricted escrows                             (18)            (16)
  Receipts from restricted escrows                            --               7
       Net cash used in investing activities                (279)           (272)

Cash flows from financing activities:
  Partners' distributions                                   (505)         (1,000)
  Payments on mortgage notes payable                        (173)           (161)
       Net cash used in financing activities                (678)         (1,161)

Net decrease in cash                                        (557)         (1,113)

Cash at beginning of period                                2,291           2,764
Cash at end of period                                     $1,734         $ 1,651
Supplemental disclosure of cash flow information:
  Cash paid for interest                                  $  491         $   503

<FN>
          See Accompanying Notes to Consolidated Financial Statements
</TABLE>

e)                   SHELTER PROPERTIES IV LIMITED PARTNERSHIP

                         NOTES TO FINANCIAL STATEMENTS
                                  (Unaudited)


Note A - Basis of Presentation

The accompanying unaudited financial statements have been prepared in accordance
with generally accepted accounting principles for interim financial information
and with the instructions to Form 10-QSB and Item 310(b) of Regulation S-B.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of the Corporate General Partner, all adjustments (consisting of
normal recurring accruals) considered necessary for a fair presentation have
been included.  Operating results for the three month period ended January 31,
1997, are not necessarily indicative of the results that may be expected for the
fiscal year ending October 31, 1997.  For further information, refer to the
financial statements and footnotes thereto included in the Partnership's annual
report on Form 10-KSB for the year ended October 31, 1996.

Certain reclassifications have been made to the 1996 information to conform to
the 1997 presentation.

Note B - Reconciliation of Cash Flows

The following is a reconciliation of the subtotal on the accompanying statements
of cash flows captioned "net cash provided by operating activities" to "net cash
used in operations", as defined in the partnership agreement.  However, "net
cash used in operations" should not be considered an alternative to net income 
as an indicator of the Partnership's operating performance or to cash flows as a
measure of liquidity.


                                                For the Three Months Ended
                                                       January 31,
                                                   1997           1996

Net cash provided by operating activities         $ 400          $ 320
  Payments on mortgage notes payable               (173)          (161)
  Property improvements and replacements           (261)          (263)
  Change in restricted escrows, net                 (18)            (9)
  Changes in reserves for net operating
   liabilities                                      334            310
  Additional reserves                              (282)          (197)

   Net cash used in operations                    $  --          $  --


The Corporate General Partner reserved approximately $282,000 and $197,000 on
January 31, 1997, and 1996, respectively, to fund capital improvements and 
repairs at its properties.


Note C - Transactions with Affiliated Parties

The Partnership has no employees and is dependent on the Corporate General
Partner and its affiliates for the management and administration of all
partnership activities. The Partnership Agreement provides for payments to
affiliates for services and as reimbursement of certain expenses incurred by
affiliates on behalf of the Partnership. The following transactions with
Insignia Financial Group, Inc. and affiliates were charged to expense in 1997
and 1996 (in thousands):


                                                  For the Three Months Ended
                                                         January 31,
                                                     1997           1996

Property management fees                             $138           $133
Reimbursement for services of affiliates (1)           54             30

(1) Included in "reimbursements for services of affiliates" for the three months
    ended January 31, 1997, is approximately $9,000 in reimbursements for
    construction oversight costs.

The Partnership insures its properties under a master policy through an agency
and insurer unaffiliated with the Corporate General Partner.  An affiliate of
the Corporate General Partner acquired, in the acquisition of a business,
certain financial obligations from an insurance agency which was later acquired
by the agent who placed the current year's master policy.  The current agent
assumed the financial obligations to the affiliate of the Corporate General
Partner who receives payments on these obligations from the agent.  The amount
of the Partnership's insurance premiums accruing to the benefit of the affiliate
of the Corporate General Partner by virtue of the agent's obligations is not
significant.

Note D - Disposal of Property

The Partnership incurred a loss on disposal of property of approximately $39,000
due to a roof replacement project at Quail Run.


                          PART II - OTHER INFORMATION


Item 2.  Management's Discussion and Analysis or Plan of Operation

The Partnership's investment properties consist of three apartment complexes.
The following table sets forth the average occupancy of the properties for the
three months ended January 31, 1997 and 1996:

                                                          Average
                                                         Occupancy
Property                                          1997                1996

Baymeadows Apartments
   Jacksonville, Florida                          94%                  96%

Quail Run Apartments
    Columbia, South Carolina                      92%                  96%

Countrywood Village Apartments
    Raleigh, North Carolina                       95%                  96%


The Corporate General Partner believes the decrease in occupancy at Quail Run is
attributed to military transfers resulting from a large number of troops at Fort
Jackson being reassigned to other bases.  Also, interest rates have made home
ownership more attractive, and the property has lost tenants to first time home
buying.  In an effort to counteract these occupancy decreases, management is
utilizing an aggressive marketing plan, and the property has been undergoing
exterior renovations in order to attract quality residents.

The Partnership's net income for the three months ended January 31, 1997, was
approximately $159,000 compared to approximately $118,000 for the corresponding
period in 1996.  The increase in net income is primarily attributable to an
increase in rental income and other income, as well as a decrease in general and
administrative expenses. Rental income increased primarily as a result of
periodic rental rate increases at Baymeadows, Quail Run, and Countrywood.  Other
income increased primarily due to an increase in lease cancellation fees at
Baymeadows, most of which resulted from first time home buyers vacating their
units.  General and administrative expense decreased due to a decrease in legal
expenses related to a discrimination case at Baymeadows, which was settled in
November 1996.  Partially offsetting the increase in net income was an increase
in maintenance expense which resulted primarily from exterior painting projects
at Quail Run and Baymeadows. These painting costs were incurred to improve the
building exteriors  in order to attract new tenants and ultimately increase
occupancy at these properties.  The Partnership incurred a loss on disposal of
property of approximately $39,000 due to a roof replacement project at Quail 
Run. Included in maintenance expense in 1997 is approximately $181,000 of major 
repair and maintenance comprised primarily of major landscaping and exterior 
painting.

As part of the ongoing business plan of the Partnership, the Corporate General
Partner monitors the rental market environment of each of its investment
properties to assess the feasibility of increasing rents, maintaining or
increasing occupancy levels and protecting the Partnership from increase in
expense.  As part of this plan, the Corporate General Partner attempts to 
protect the Partnership from the burden of inflation-related increases in 
expenses by increasing rents and maintaining a high overall occupancy level.  
However, due to changing market conditions, which  can result in the use of 
rental concessions and rental reductions to offset softening market conditions, 
there is no guarantee that the Corporate General Partner will be able to sustain
such a plan.

Liquidity and Capital Resources

At January 31, 1997, the Partnership had unrestricted cash of approximately
$1,734,000 compared to approximately $1,651,000 at January 31, 1996.  Net cash
provided by operating activities increased primarily due to the increase in net
income, as discussed above and a decrease in escrows for taxes.  Net cash used
in investing activities remained stable.  Finally, net cash used in financing
activities decreased due to a decrease in distributions from operations paid to
the partners, compared to the first quarter of 1996.

The Partnership has budgeted approximately $1.2 million in capital improvements
in 1997 for it three investment properties in 1997.  Of this amount,
approximately $261,000 in capital improvement  projects were completed during
the first quarter. Projects planned for the next quarter include resurfacing of
parking lots at Baymeadows, and roof replacements and major sewer replacements
at Quail Run.  Other projects planned throughout 1997 include major carpet
replacement at Countrywood and Baymeadows.  These capital expenditures and
maintenance expenses will be incurred only if cash is available from operations.

The sufficiency of existing liquid assets to meet future liquidity and capital
expenditure requirements is directly related to the level of capital
expenditures required at the property to adequately maintain the physical assets
and other operating needs of the Partnership.  Such assets are currently thought
to be sufficient for any near-term needs of the Partnership.  The mortgage
indebtedness of approximately $24,464,000 net of discount, is amortized over 257
months with a balloon payment of approximately $20,669,000 due on November 15,
2002, at which time the properties will either be refinanced or sold.  Cash
distributions of approximately $505,000 were made in the first quarter of 1997.
Cash distributions of approximately $1 million were made in the first quarter of
1996.  These distributions were made from property operations.  Future cash
distributions will depend on the levels of net cash generated from operations,
property sales and the availability of cash reserves.

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

     a)  Exhibits:

         Exhibit 27, Financial Data Schedule, is filed as an exhibit to this
         report.

     b)  Reports on Form 8-K filed in the quarter ended January 31, 1997:

         None.

                                   SIGNATURES

  In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.



                             SHELTER PROPERTIES IV LIMITED PARTNERSHIP

                             By: Shelter Realty IV Corporation
                                 Corporate General Partner



                             By:/s/ William H. Jarrard, Jr.
                                William H. Jarrard, Jr.
                                President and Director




                             By:/s/ Ronald Uretta   
                                Ronald Uretta
                                Vice President/Treasurer


                             Date:  March 14, 1997