What does it mean for this..

[Phil Beck]

As we were looking through multi family homes we across houses that said "As-Is, No Repairs Needed." What does that mean? Maybe I'm a suspicious person who is reading something there like don't make repairs. Besides that we came across asbestos siding which makes me think that we need to replace the siding. Do we need to replace the siding? We got 5 houses and working on narrowing them down.