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 July 31, 1997

                                      or

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


              For the transition period from........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 Exchange Act during the past 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)

                                 July 31, 1997



Assets
  Cash and cash equivalents:
     Unrestricted                                               $ 1,901
     Restricted--tenant security deposits                           279
  Accounts receivable                                                42
  Escrows for taxes                                                 678
  Restricted escrows                                              1,732
  Other assets                                                      568
  Investment properties:
     Land                                          $  3,442
     Buildings and related personal property         56,257
                                                     59,699
     Less accumulated depreciation                  (31,769)     27,930

                                                                $33,130
Liabilities and Partners' Capital (Deficit)
Liabilities
  Accounts payable                                              $   119
  Tenant security deposits                                          279
  Accrued property taxes                                            471
  Other liabilities                                                 232
  Mortgage notes payable                                         24,202

Partners' Capital (Deficit)
  General partners'                                $     (6)
  Limited partners' (49,995 units
     issued and outstanding)                          7,833       7,827

                                                                $33,130

           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    Nine Months Ended
                                    July 31,              July 31,
                                 1997      1996       1997       1996
Revenues:
  Rental income                $2,684    $2,576    $7,900       $7,681
  Other income                    154       157       472          461
     Total revenues             2,838     2,733     8,372        8,142
Expenses:
  Operating                       853       887     2,557        2,547
  General and administrative       53        83       215          264
  Maintenance                     487       479     1,637        1,367
  Depreciation                    486       464     1,431        1,368
  Interest                        553       564     1,670        1,698
  Property taxes                  202       188       602          559
     Total expenses             2,634     2,665     8,112        7,803

     Net income                $  204    $   68    $  260       $  339

Net income allocated
  to general partners (1%)     $    2    $    1    $    3       $    3

Net income allocated
  to limited partners (99%)       202        67       257          336
                               $  204    $   68    $  260       $  339

Net income per limited
  partnership unit             $ 4.04    $ 1.34    $ 5.14       $ 6.72

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

Net income for the nine
 months ended July 31, 1997           --        3           257         260

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

Partners' (deficit) capital at
 at July 31, 1997                 49,995     $ (6)      $ 7,833     $ 7,827

          See Accompanying Notes to Consolidated Financial Statements


d)                    SHELTER PROPERTIES IV LIMITED PARTNERSHIP

                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (Unaudited)

                                 (in thousands)


                                                           Nine Months Ended
                                                                July 31,
                                                            1997        1996
Cash flows from operating activities:
  Net income                                               $  260     $   339
  Adjustments to reconcile net income to net
    cash provided by operating activities:
    Depreciation                                            1,431       1,368
    Amortization of discounts and loan costs                  207         200
    Loss on disposal of property                               39           5
    Change in accounts:
      Restricted cash                                          (6)        (31)
      Accounts receivable                                       5          (4)
      Escrows for taxes                                       145         101
      Other assets                                            (68)        (28)
      Accounts payable                                       (155)       (408)
      Tenant security deposit liabilities                       4          31
      Accrued property taxes                                 (171)       (163)
      Other liabilities                                      (265)         41
       Net cash provided by operating activities            1,426       1,451

Cash flows from investing activities:
  Property improvements and replacements                     (727)       (734)
  Deposits to restricted escrows                              (54)        (59)
  Receipts from restricted escrows                             --           7
       Net cash used in investing activities                 (781)       (786)

Cash flows from financing activities:
  Partners' distributions                                    (505)     (1,000)
  Payments on mortgage notes payable                         (530)       (491)
       Net cash used in financing activities               (1,035)     (1,491)

Net decrease in unrestricted cash and cash equivalents       (390)       (826)

Unrestricted cash and cash equivalents at beginning
  of period                                                 2,291       2,765

Unrestricted cash and cash equivalents at end
  of period                                                $1,901     $ 1,939

Supplemental disclosure of cash flow information:
  Cash paid for interest                                   $1,462     $ 1,501

          See Accompanying Notes to Consolidated Financial Statements

e)                  SHELTER PROPERTIES IV LIMITED PARTNERSHIP

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  (Unaudited)


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 and nine month periods ended July 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
consolidated 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
consolidated statements of cash flows captioned "net cash provided by operating
activities" to "net cash provided by 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 Nine Months Ended
                                                       July 31,
                                                  1997         1996
                                                    (in thousands)

Net cash provided by operating activities        $1,426       $1,451
  Payments on mortgage notes payable               (530)        (491)
  Property improvements and replacements           (727)        (734)
  Change in restricted escrows, net                 (54)         (52)
  Changes in reserves for net operating
   liabilities                                      511          456
  Additional reserves                              (326)        (630)

   Net cash provided by operations                $ 300       $   --


The Corporate General Partner reserved approximately $326,000 and $630,000 on
July 31, 1997 and 1996, respectively, to fund capital improvements and repairs
at its properties. The Corporate General Partner is evaluating the feasibility
of making a distribution of net cash provided by operations in October 1997.

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 property management services based on a percentage of revenue and
for reimbursement of certain expenses incurred by affiliates on behalf of the
Partnership. The following payments were made to affiliates of the Corporate
General Partner during each of the nine month periods ended July 31, 1997 and
1996 (in thousands):


                                                     For the Nine Months Ended
                                                                July 31,
                                                             1997     1996

Property management fees (included in operating expenses)     $414     $403
Reimbursement for services of affiliates, including
    $26,000 and $6,000 of construction services
    reimbursements in 1997 and 1996, respectively
    (included in general and administrative expenses,
    operating expenses and investment properties)              170      145


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.


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 nine months ended July 31, 1997 and 1996:

                                                             Average
                                                            Occupancy
      Property                                          1997          1996
      Baymeadows Apartments
         Jacksonville, Florida                          95%            97%
      Quail Run Apartments
          Columbia, South Carolina                      92%            95%
      Countrywood Village Apartments
          Raleigh, North Carolina                       95%            95%

The Corporate General Partner attributes the decrease in average occupancy at
Quail Run 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 undergone exterior
renovations in order to attract quality residents.  Occupancy at Quail Run at
July 31, 1997, was 98%.

The Partnership's net income for the nine months ended July 31, 1997, was
approximately $260,000 compared to approximately $339,000 for the corresponding
period in 1996.  The Partnership realized net income of approximately $204,000
for the three months ended July 31, 1997, compared to net income of
approximately $68,000 for the corresponding period of 1996.  The decrease in net
income for the nine months ended July 31, 1997, compared to the corresponding
period of 1996 is primarily attributable to increased maintenance expense at
Quail Run and Baymeadows Apartments. Included in maintenance expense for the
nine months ended July 31, 1997 is approximately $606,000 of major repair and
maintenance comprised primarily of the exterior painting and parking lot
repairs.  Included in maintenance expense for the nine months ended July 31,
1996 is approximately $266,000 of major repairs and maintenance comprised
primarily of major landscaping, parking lot repairs and interior building
improvements.  Maintenance expense increased as a result of exterior painting
and repair projects and parking lot repairs, which were incurred to improve the
building exterior in order to attract new tenants and ultimately increase rental
rates and occupancy at these properties.  Offsetting the decrease in net income
for the nine months ended July 31, 1997 compared to the corresponding period of
1996, is an increase in rental income and a decrease in general and
administrative expenses.  Rental income increased as a result of increased
rental rates at Baymeadows and Countrywood. General and administrative expenses
decreased due to a decrease in legal expenses related to a discrimination case
at Baymeadows, which was settled in November 1996.  The increase in net income
for the three months ended July 31, 1997, compared to the corresponding period
of 1996 is primarily attributable to rental rate increases at Baymeadows and
Countrywood Village.  Also contributing to the increase in net income for the
three months ended July 31, 1997, compared to the corresponding period of 1996,
is a decrease in general and administrative expenses due to a decrease in legal
expenses as discussed above.

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.

At July 31, 1997, the Partnership had unrestricted cash of approximately
$1,901,000 compared to approximately $1,939,000 at July 31, 1996.  Net cash
provided by operating activities decreased primarily due to the decrease in net
income, as discussed above, and an increase in cash used for other liabilities,
which was partially offset by a decrease in cash used for accounts payable.  Net
cash used in investing activities remained stable.  Net cash used in financing
activities decreased due to a decrease in distributions paid to the partners for
the nine months ended July 31, 1997, compared to the corresponding period of
1996.

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 properties 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 $24,202,000 net of discount, is amortized
over 257 months with balloon payments of approximately $20,669,000 due on
November 15, 2002, at which time the properties will either be refinanced or
sold.  Cash distributions of $505,000 were made during the nine months ended
July 31, 1997.  Cash distributions of $1,000,000 were made during the nine
months ended July 31, 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.
The Corporate General Partner is evaluating the feasibility of making a
distribution of net cash provided by operations in October 1997.

                          PART II - OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

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

   b)    Reports on Form 8-K:

         None filed during the quarter ended July 31, 1997.

                                   SIGNATURES



  In accordance with 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.



                             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:  September 11, 1997