How to show or hide a post based on meta_value selection?

Use the pre_get_posts action to alter the main query with meta_query arguments to only select posts with active current_status.

This example would work for your main posts page. See Conditional Tags for how to determine when other types of queries are run.

function wpa_current_status( $query ) {
    if ( $query->is_home() && $query->is_main_query() ) {
        $meta_query = array(
            array(
                'key' => 'current_status',
                'value' => 'active',
                'compare' => '='
            )
        );
        $query->set( 'meta_query', $meta_query );
    }
}
add_action( 'pre_get_posts', 'wpa_current_status' );

EDIT- or within a custom query, set meta_query arguments directly:

$args = array(
    'post_type' => 'property',
    'posts_per_page' => -1,
    'meta_query' => array(
        array(
            'key' => 'current_status',
            'value' => 'active',
            'compare' => '='
        )
    )
);

$properties = new WP_Query( $args );