RE: How long do you wait?
I usually wait a few minutes usually long enough to listen for any crashing it may be doing and then gather myself and gear up. Then make my way to the spot where I shot it and look for sign. You don't have to wait long with the gun but I think it helps if you let them go a bit and lay down before you start after them.
We have left them over night if they were shot at last light and close to swampy or thick areas and we couldn't see any sign and then go after them the next day. We're fortunate though that the Crown land we hunt is pretty barren the 2nd week of the hunt so we don't have to worry about anybody claiming our deer.
Crawdaddy