You could use List inside the method and transform it to an array at the end. But i think if we talk about an max-value of 20, your code is faster.
private Update BuildMetaData(MetaData[] nvPairs)
{
Update update = new Update();
List<InputProperty> ip = new List<InputProperty>();
for (int i = 0; i < nvPairs.Length; i++)
{
if (nvPairs[i] == null) break;
ip[i] = new InputProperty();
ip[i].Name = "udf:" + nvPairs[i].Name;
ip[i].Val = nvPairs[i].Value;
}
update.Items = ip.ToArray();
return update;
}