How do you prepare for an inspection?

As a Buyer,

Take a look at my sample report
Try to be present, and don't forget to ask questions
Think about questions you might have from your showing
Try to look beyond the color of the carpet and the size of the kitchen

As a Seller

Get a seller's inspection FIRST, before the buyer hires an inspector, so that you can take care of repairs ahead of time and make the house "move in ready"
Take care of Smoke Detectors and CO detectors
Be sure the batteries are replaced so that they all work
Be sure you have enough
Remove pet doors between living space and garage
Install GFCI's where required
Take a look in your attic and crawlspace for obvious problems and get them taken care of