Common Error of iOS : 

1. xcode timed out waiting for app to launch:

Reason 1. : It turned out I was using my Distribution Profile instead of the Developer Profile in Debug mode. You can check the Profile you are using by going to Build Settings->Code Signing Entity.
Make sure you are using your Developer Profile in Beta and Debug mode.

Reason 2. : I had this problem when I used a Distribution certificate instead of Developer one when running the app from Xcode. You may check it out your target --> Build Settings --> Code signing.

Check Below Links:

• http://stackoverflow.com/questions/22683419/xcode-5-could-not-launch-process-launch-failed-timed-out-waiting-for-app-to-la
• http://stackoverflow.com/questions/13048321/xcode-timed-out-waiting-for-app-to-launch
• http://stackoverflow.com/questions/14659094/xcode-4-6-error-timed-out-waiting-for-app-to-launch