What kind of business? Self-employed, LLC, Corporation?
You can do the property is owned by a business entity (LLC, Corporation). If you own it in your own name you can't do that. You need to report it as Schedule E as a rental.
There are a number of things to deal with for foreign rentals. There are a number of ex pat web sites that have info on this. Here is one such link:
https://www.greenbacktaxservices.com/blog/report-rental-income-foreign-property/
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