Inoichi thinks there is a high possibility that Pain is on some high mountain in Konoha.
(because it would make the chakra transfer easier)
Then it's all conservation between Naruto and Tendou.

Pain wishes for peace and justice.
Naruto wishes for peace and justice.
Both have the same target but different means to achieve it.

Finally, the real body Nagato is shown.
Following is the spoiler writer's opinion:
He looks like a skinny Orochimaru, sitting on some four-legged, wheelchair-like thing.
There are a lot of black rods piercing out from his back and his body has a lot of holes/pits.
Konan: Nagato had used up too much chakra.
Nagato, with his mouth bleeding: Peace will arrive soon.

Spoiler:

Shirosaki escreveu:
Eu achei que ele só fosse aparecer mesmo depois de acabar toda essa luta, lá durante a Guerra Ninja....

Gustavo_Abarai escreveu:Naruto wins

Spoiler:

Ino dad: I know! Where Pain's real body is!
Shikamaru: Did you get something?
Ino: What do you mean?
Ino dad: Yeah... When I looked in the head of that guy from hidden rain that Jiraiya-sama caught, he was carrying dead bodies with his friend from the village

(man: we're carrying dead bodies to the highest tower of the village. You know what is in there?)

Shikamaru: Carrying dead bodies?
Ino dad: Yes... You said it yourself earlier, in order to transmit the chakra signals, the receiver should logically be nearby. then... that guy said that among all the towers in hidden rain, it was the tallest tower they were carrying dead bodies to

(Dead body guy: Actually... The rumor is that Pain-sama is dwelling there)

Ino dad: In hidden rain, the rumor is that Pain was inside of that tallest tower. Then that girl appeared as Pain... It was the same girl whose dead body was being carried to that tall tower... It would mean that this tower is the place where they create Pain bodies by embedding those black stakes-like receivers into dead bodies
Shikamaru: So what is the connection with the position of the real body?
Ino dad: To transmit the chakra signals, the most efficient place is... To transmit as far away as possible, he had to be in the tallest tower
Anbu: I see... which means
Ino dad: Pain's real body is on the highest place of Konoha...
Shikamaru: All right! Let's investigate thoroughly tall places

437: What will Naruto do after listening to Pain!? Next, rapid development!!
END

Jack Van Burace escreveu:Fico pensando se o estado do Nagato e do Yahiko não sejam fruto do que passaram anteriormente, depois de abandonados pelo Jiraya. Yahiko teria morrido, e Nagato ficado com o corpo debilitado. Teriam mudado da água pro vinho, e passado a acreditar que só a dor liberta, que nada presta, etc.

Inoichi:Eu sei onde está o corpo verdadeiro de Pain!
Shikamaru: Você percebeu algo?
Ino: O que você quer dizer?
Inoichi: Sim, quando olhei dentro da mente daquele cara que o Jiraya capturou, ele estava levando corpos mortos para a vila.
(Homem: Estamos levando os corpos mortos para a torre mais alta da vila. Você sabe o que tem lá!?)
Shikamaru: Levando corpos mortos?
Inoichi: Sim... Você disse isso a você mesmo mais cedo, para poder transmitir os sinais de chakra, o receptor deve estar perto. Então... aquele cara disse que junto de todas as torres do pais da chuva, tem a mais alta que é onde eles levavam os corpos.
(Cara do corpo morto: Há um rumor de que Pain-Sama habita lá)
Inoichi: Na chuva oculta, o rumor é de que Pain esteja dentro desta torre. Então aquela garota apareceu como Pain...E era o corpos da mesma garota que foi levado para a torre.
Shikamaru: E qual a conexão disto com a localização do corpo real?
Inoichi: Para transmitir sinais de chakra o lugar mais eficiente é... Para trasnmitir o mais longe possível, ele teria que estar naquela torre.
Anbu: Entendo.... isso significa...
Inichi: O verdadeiro corpo de Pain está no local mais alto de Konoha.
Shikamaru: Certo! Vamos investigar as areas mais altas!
437: O que Naruto irá fazer após ouvir Pain? Rápido desenvolvimento!
FIM