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What does Private Label Rights mean?

Private label rights allow you to make another author's work show like it's yours by changing its content.

That can vary from writing an introduction paragraph or editing the title to completely modifying it any way you want and add your name to it as the creator (with or without the condition that you HAVE to modify the content).

Anything allowing you to change the content (except branding an affiliate link) is called Private Label Rights.

Private Label Rights does NOT automatically mean you also have obtained the copyrights. That's another issue, because copyrights are granted the moment a document, in whatever form, is finished.

Obtaining Private Label Rights does NOT automatically mean you also have obtained any other right like re-selling (Reprint) or even licensing others to reprint (Master reprint rights).