Originally Posted by
ERAUdude
I think the FAA refers to compensation as any sort of monetary gain from piloting an aircraft. I've never heard of compensation being referred to as just free flight time. It works the same if you just rent an aircraft, and you're surely not getting paid to do that
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Not true (see noygonnadoit's post above).
If you repo an airplane for someone else, they benefit from that. Add some compensation (possibly the flight time itself) and you are a pilot for hire.
If you rent an airplane for your purposes, the owner does NOT benefit from that flying...you are just wearing out his airplane for him. In fact, odds are really high that you had to pay HIM not vice versa.