"Sold As is" Condo questions

[Abbas Jamal Eddine]

Good morning BP, 
As a first time investor and newbie I have a few questions about the infamous "sold as is".

1) What does the seller usually mean by "as is"? My basic understanding is that the seller will not do any repairs or give money towards repairs. Is that all it is? 2) 2) What about purchase price? Can that be negotiated?
3) What do I need to look out for with these kind of properties? 
4) The seller is stating that the floor needs to be replaced and the AC needs repair so I am budgeting for those costs upfront. What else should I expect? 

As usual thank you for all your input!