When you see "No Location Found" on the Find My app, it simply means that the app couldn't track down the device you're looking for. This could be because the device is turned off, not connected to the internet, or location services are disabled.
On the other hand, if you come across "Location Not Available," it means that the device isn't sharing its location with the Find My app at the moment. This could be because the device is in Airplane mode, the user has disabled location sharing for the Find My app, or there's a temporary issue with the iCloud servers.
To put it simply, "No Location Found" means the app couldn't find the device, while "Location Not Available" means the device isn't currently sharing its location.