FORM 10-QSB--QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF
                     THE SECURITIES EXCHANGE ACT OF 1934
                       QUARTERLY OR TRANSITIONAL REPORT


                   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, 1998

                                      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)

                                (864) 239-1000
                          (Issuer's telephone number)

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, except per unit data)

                                January 31, 1998



Assets
  Cash and cash equivalents                                       $ 2,472
  Receivables and deposits                                            691
  Restricted escrows                                                1,769
  Other assets                                                        487
  Investment properties:
     Land                                        $  3,442
     Buildings and related personal property       56,670
                                                   60,112
     Less accumulated depreciation                (32,741)         27,371

                                                                  $32,790

Liabilities and Partners' Capital (Deficit)
Liabilities
  Accounts payable                                                $   164
  Tenant security deposit liabilities                                 269
  Accrued property taxes                                               67
  Distribution payable                                                812
  Other liabilities                                                   225
  Mortgage notes payable                                           23,928

Partners' Capital
  General partners'                              $    (11)
  Limited partners' (49,995 units
     issued and outstanding)                        7,336           7,325

                                                                  $32,790

           See Accompanying Notes to Consolidated Financial Statements


b)                    SHELTER PROPERTIES IV LIMITED PARTNERSHIP

                       CONSOLIDATED STATEMENTS OF OPERATIONS
                                    (Unaudited)
                       (in thousands, except per unit data)



                                                 Three Months Ended January 31,
                                                     1998             1997
Revenues:
  Rental income                                    $2,750            $2,597
  Other income                                        112               164
     Total revenues                                 2,862             2,761
Expenses:
  Operating                                         1,209             1,272
  General and administrative                           76                64
  Depreciation                                        472               468
  Interest                                            546               559
  Property taxes                                      201               200
  Loss on disposal of property                         --                39
     Total expenses                                 2,504             2,602

   Net income                                      $  358            $  159

Net income allocated to general partners (1%)      $    4            $    2
Net income allocated to limited partners (99%)        354               157
                                                   $  358            $  159

Net income per limited partnership unit            $ 7.08            $ 3.16

          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)




                                  Limited
                                Partnership  General    Limited
                                   Units     Partners   Partners      Total

Original capital contributions    50,000      $  2      $50,000     $50,002

Partners' capital (deficit) at
 October 31, 1997                 49,995      $ (7)     $ 7,786     $ 7,779

Net income for the three
 months ended January 31, 1998       --          4          354         358

Distribution declared                --         (8)        (804)       (812)

Partners' capital (deficit) 
 at January 31, 1998              49,995      $(11)     $ 7,336     $ 7,325

          See Accompanying Notes to Consolidated Financial Statements


d)                SHELTER PROPERTIES IV LIMITED PARTNERSHIP

                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (Unaudited)
                                 (in thousands)

<TABLE>
<CAPTION>
                                                    Three Months Ended January 31,
                                                         1998           1997
<S>                                                   <C>            <C>
Cash flows from operating activities:
  Net income                                           $  358         $   159
  Adjustments to reconcile net income to net
   cash provided by operating activities:
    Depreciation                                          472             468
    Amortization of discounts and loan costs               69              68
    Loss on disposal of property                           --              39
    Change in accounts:
      Receivables and deposits                            538             572
      Other assets                                         24              10
      Accounts payable                                     60             (82)
      Tenant security deposit liabilities                  (8)             (5)
      Accrued property taxes                             (563)           (574)
      Other liabilities                                    (3)           (255)
       Net cash provided by operating activities          947             400

Cash flows from investing activities:
  Property improvements and replacements                 (116)           (261)
  Deposits to restricted escrows                          (19)            (18)
       Net cash used in investing activities             (135)           (279)

Cash flows from financing activities:
  Payments on mortgage notes payable                     (187)           (173)

  Partners' distributions                                  --            (505)
       Net cash used in financing activities             (187)           (678)

Net increase (decrease) in cash and cash equivalents      625            (557)
Cash and cash equivalents at beginning of period        1,847           2,291
Cash and cash equivalents at end of period             $2,472         $ 1,734

Supplemental disclosure of cash flow information:
  Cash paid for interest                               $  477         $   491

Supplemental disclosure of non-cash activity:
  Distribution payable                                 $  812         $    --
<FN>
          See Accompanying Notes to Consolidated Financial Statements
</FN>
</TABLE>

e)                   SHELTER PROPERTIES IV LIMITED PARTNERSHIP

                         NOTES TO FINANCIAL STATEMENTS
                                  (Unaudited)

                                January 31, 1998


NOTE A - BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements of Shelter
Properties IV Limited Partnership (the "Partnership") 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 Shelter Realty IV Corporation (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, 1998, are not
necessarily indicative of the results that may be expected for the fiscal year
ending October 31, 1998.  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, 1997.

Certain reclassifications have been made to the 1997 information to conform to
the 1998 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,
                                                  1998              1997
                                                      (in thousands)
Net cash provided by operating activities      $ 947              $ 400
  Payments on mortgage notes payable            (187)              (173)
  Property improvements and replacements        (116)              (261)
  Change in restricted escrows, net              (19)               (18)
  Changes in reserves for net operating
   liabilities                                   (48)               334
  Additional reserves                           (577)              (282)

   Net cash used in operations                 $  --              $  --


The Corporate General Partner reserved approximately $577,000 and $282,000 on
January 31, 1998, and 1997, 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 its affiliates were charged to expense in
1998 and 1997 (in thousands):

<TABLE>
<CAPTION>
                                                          For the Three Months Ended
                                                                   January 31,
                                                               1998           1997
<S>                                                          <C>             <C>
Property management fees (included in operating expenses)     $143            $138
Reimbursement for services of affiliates (included in
  operating, general and administrative expenses, and
  investment properties) (1)                                    58              54

</FN>
(1) Included in "reimbursements for services of affiliates" for the three months
   ended January 31, 1998 and 1997, is approximately $2,000 and $9,000,
   respectively, in reimbursements for construction oversight costs.
</FN>
</TABLE>

For the period November 1, 1996 to August 31, 1997, the Partnership insured its
properties under a master policy through an agency affiliated with the Corporate
General Partner with an 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 master policy.  The agent assumed the
financial obligations to the affiliate of the Corporate General Partner which
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 during the three months ended
January 31, 1997.


                          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 each
of the three months ended January 31, 1998 and 1997:

                                                          Average
                                                         Occupancy
Property                                          1998                1997

Baymeadows Apartments
   Jacksonville, Florida                          93%                  94%

Quail Run Apartments
    Columbia, South Carolina                      96%                  92%

Countrywood Village Apartments
    Raleigh, North Carolina                       95%                  95%

The Corporate General Partner attributes the increase in average occupancy at
Quail Run to an exterior painting project which was completed at the property
during 1997 in an effort to enhance the curb appeal of the property.

Results of Operations

The Partnership's net income for the three months ended January 31, 1998, was
approximately $358,000 compared to approximately $159,000 for the three months
ended January 31, 1997.  The increase in net income is primarily attributable to
an increase in rental income as well as a decrease in operating expenses.  The
increase in rental income is attributable to the increase in average occupancy
at Quail Run and an increase in average rental rates at Baymeadows which more
than offset the property's slight decrease in average occupancy.  The decrease
in operating expenses is attributable to the completion of the exterior painting
projects at Quail Run and Baymeadows during 1997.  The decrease in operating
expense was partially offset by an increase in major landscaping at Countrywood
Village and Baymeadows during the three months ended January 31, 1998.  These
costs were incurred to attract new tenants and increase occupancy at the
properties.  Additionally, the Partnership incurred a loss on disposal of
property due to a roof replacement project at Quail Run during the period ended
January 31, 1997.  Offsetting the increase in net income for the three months
ended January 31, 1998 compared to the corresponding period of 1997 is a
decrease in other income.  Other income decreased primarily due to a decrease in
recreational income at Baymeadows as a result of closing the racquet club at the
property.  This facility had been losing money and it was determined to be in
the best interest of the Partnership to close it to outside users at the end of
1997.  The facility continues to be maintained and is available for the
residents' use and enjoyment.  Included in operating expense for the three
months ended January 31, 1998 is approximately $93,000 of major repairs and
maintenance comprised primarily of major landscaping and window coverings.
Included in operating expense for the three months ended January 31, 1997 is
approximately $181,000 of major repairs and maintenance comprised primarily of
exterior painting and major landscaping projects.

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 increases 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, 1998 the Partnership had cash and cash equivalents of
approximately $2,472,000 as compared to approximately $1,734,000 at January 31,
1997.  The net increase in cash and cash equivalents for the three months ended
January 31, 1998 was $625,000.  The net decrease in cash and cash equivalents
for the three months ended January 31, 1997 was $557,000.  Net cash provided by
operating activities increased primarily due to the increase in net income as
discussed above.  The increase is also attributable to the increase in other
liabilities due to the timing of payments to creditors.  Net cash used in
investing activities decreased due to the decrease in purchases of property
improvements and replacements.  Net cash used in financing activities decreased
due to the timing of payments of distributions to partners during the three
months ended January 31, 1998.

The Partnership has budgeted approximately $1,500,000 for capital improvements
and major repairs and maintenance at the three properties in 1998.  Budgeted
capital improvements at Baymeadows include major carpet replacement, major
landscaping, exterior painting, and gutter repairs.  Budgeted capital
improvements at Quail Run include roof replacement and major carpet replacement.
Countrywood has budgeted major carpet replacement and landscaping in 1998.  Of
this work the major landscaping at Countrywood was completed during the first
quarter.  The additional capital expenditures will be incurred only if cash is
available from operations or from partnership reserves mentioned previously.

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 $23,928,000 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.  A cash
distribution of approximately $812,000 was declared during the three months
ended January 31, 1998 and paid in February 1998. Cash distributions of
approximately $505,000 were made in the first quarter of 1997.  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, 1998:

        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 and Treasurer


                             Date:  March 16, 1998