Caveat: Since a pre-buy/pre-purchase inspection is not officially defined, the below is my opinion/personal recommendation:
The best pre-buy is an inspection in accordance with either an annual inspection or type club suggested pre-purchase inspection checklist performed by an independent A&P who is either recommended by the type club or at least very familiar with the type.
Now, with that said......
I've purchased just a few airplanes over the years and have done it a little differently every single time.
1st airplane - 170: I used an shop on the same field as the airplane but one that hadn't previously worked on the airplane. I asked for a basic 'pre-buy' which in that shops terms was about 2/3rds of an annual inspection. I then had the same shop perform the corrective repairs of items found and finish the annual inspection. Coincidentally, the the pre-buy discovered about 2/3rds of the issues that the full annual uncovered. It was an expensive lesson learned.
2nd airplane (Baron): Airplane was located in San Diego (where I used to be based) and I was in Virginia at the time of the sale. I had the IA who had previously maintaining my 170 do an annual inspection as the pre-buy (he also used to work for Beechcraft and was an expert in Barons/Bonanzas. This process worked exceptionally well. No real surprises and the first annual we did after delivery was actually cheap (for a Baron)
Waco: I did the pre-buy if you can call it that. Really I walked around the airplane and did essentially a pre-flight inspection. Sounds crazy, but it had 20 hours since a full rebuild/restoration by one of the best Waco restorers in the country. The airplane was essentially brand new just no factory warranty. Has turned out to be the most reliable airplane I've owned.
Beech 18: Purchased sight unseen, BUT I hired one of the two top Beech 18 maintenance experts in the country. The other had done the previous annual. It was done to his own 'pre-buy inspection' type specific checklist. Only had one surprise with that airplane (prop hub bound up inflight doing an inflight shut down for training), but not something that would have been discovered using any type of inspection.
I'm now in the process of buying another airplane (Yes, the radial engines have mad me mad) and I'm not doing any pre-buy.....but I personally know the seller and he is the most anal-retentive IA I have ever come across. He is one of several experts in the type and the guy I would call to do a pre-buy on the type if someone else was selling it. I may indeed be crazy, but I don't expect many surprises.
FWIW, the WORST pre-buy inspection I ever was involved in (I did not end up purchasing the airplane) was advertised as well maintained by a very big name shop and sold with a 'fresh-annual'. I (wisely as it turned out) brought along another IA familiar with the type to do a cursory inspection. It was the most classic case of a pencil-whipped airplane I've ever seen. Once we found the structural corrosion, it was game over.
YMMV