wait() works fine for me. The subprocesses p1, p2 and p3 are executed at the same. Therefore, all processes are done after 3 seconds.
import subprocess
processes = []
p1 = subprocess.Popen("sleep 3", stdout=subprocess.PIPE, shell=True)
p2 = subprocess.Popen("sleep 3", stdout=subprocess.PIPE, shell=True)
p3 = subprocess.Popen("sleep 3", stdout=subprocess.PIPE, shell=True)
processes.append(p1)
processes.append(p2)
processes.append(p3)
for p in processes:
if p.wait() != 0:
print("There was an error")
print("all processed finished")