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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 WhcUx+FgUkT3NVQn+bNvnDpIh7VFYyyV2Y+8tlxZupgI0EbEiePOtFs2pi/YiWfw
 mJsm/LyrL7PBXNjuEAspBg==

<SEC-DOCUMENT>0000784014-03-000026.txt : 20031028
<SEC-HEADER>0000784014-03-000026.hdr.sgml : 20031028
<ACCEPTANCE-DATETIME>20031028175138
ACCESSION NUMBER:		0000784014-03-000026
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031027
FILED AS OF DATE:		20031028

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WARCHOLAK DANIEL P
		CENTRAL INDEX KEY:			0001268048

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-15615
		FILM NUMBER:		03961830

	BUSINESS ADDRESS:	
		STREET 1:		11200 ROCKVILLE PIKE
		STREET 2:		4TH FLOOR
		CITY:			ROCKVILLE
		STATE:			MD
		ZIP:			20896
		BUSINESS PHONE:		3012310320

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN INSURED MORTGAGE INVESTORS L P SERIES 86
		CENTRAL INDEX KEY:			0000784014
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTORS, NEC [6799]
		IRS NUMBER:				132943272
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		11200 ROCKVILLE PIKE
		CITY:			ROCKVILLE
		STATE:			MD
		ZIP:			20852
		BUSINESS PHONE:		3014689200

	MAIL ADDRESS:	
		STREET 1:		11200 ROCKVILLE PIKE
		CITY:			ROCKVILLE
		STATE:			MD
		ZIP:			20852
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>war7.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>3</documentType>
	<periodOfReport>2003-10-27</periodOfReport>
    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000784014</issuerCik>
        <issuerName>AMERICAN INSURED MORTGAGE INVESTORS L P SERIES 86</issuerName>
        <issuerTradingSymbol>AIJ</issuerTradingSymbol>
	</issuer>
	<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001268048</rptOwnerCik>
            <rptOwnerName>WARCHOLAK DANIEL P</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>6852 MUSKETT WAY</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>CENTREVILLE</rptOwnerCity>
            <rptOwnerState>VA</rptOwnerState>
            <rptOwnerZipCode>20121</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
			<isDirector>0</isDirector>
			<isOfficer>1</isOfficer>
			<isTenPercentOwner>0</isTenPercentOwner>
			<isOther>1</isOther>
			<officerTitle>SVP of CRIIMI, Inc., GP</officerTitle>
			<otherText>SVP of CRIIMI, Inc., GP</otherText>
		</reportingOwnerRelationship>
	</reportingOwner>
	<nonDerivativeTable>
		<nonDerivativeHolding>
			<securityTitle>
				<value>Depositary Units</value>
			</securityTitle>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>0</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</nonDerivativeHolding>
	</nonDerivativeTable>
	<footnotes>
	</footnotes>
	<remarks>
	</remarks>
	<ownerSignature>
		<signatureName>/s/ Warcholak, Daniel P</signatureName>
		<signatureDate>2003-10-28</signatureDate>
	</ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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