Home Invasion 2nd Degree is a felony that carries a maximum penalty of 15 years in prison. How much jail/prison time that one could receive depends on too many factors to be answered given the information provided.
What it means when you sign a waiver in court depends on what you signed. A waiver is something that you sign to give up your right to something. For felonies, there are a couple of things that you could decide to waive; you could waive your right to have your preliminary exam within 14 days. This means that you will still have your exam, just not within the 14 days of arraignment as required. You can also sign a waiver to your preliminary exam all together and choose not to have it.
If I were you, I wouldn't be waiving anything in court unless your attorney has advised you to.
It is difficult to say exactly how much time a person would get. Felony offenses have sentencing guidelines that look at your prior criminal record/history as well as the circumstances of the offense. These in turn provide a range for what is considered an appropriate minimum sentence. Therefore, if your guidelines were say 6 to 18, the court could sentence you to 6 months in the county jail with probation or 18 months to 15 years in prison, (prison sentences must contain a minimum and a maximum). Your waiver question is vague, however, I am going to guess that what you signed was a waiver of your preliminary examination in district court. If so, this means that you acknowledged, (with your lawyers advice), that the state had sufficient evidence to establish probable cause that you should be bound over to circuit court on the charge. Obviously, I wasn't there, however, often waivers are done in exchange for a plea bargain or offer that the prosecution has made to you and will leave that offer available to you for a certain time. You should discuss this more fully with your attorney.