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hi, "no valid host was found" is the common error while launching an instance in our openstack cloud..It may occurs due to multiples reasons such as lack of resources in your host(compute node(s)) which provides disk space and memory for your disk flavor to launch an instance..It may occurs due to the nova api is unable to communicate with nova compute node once it is scheduled to a specific host..

By the way,your error message conveys that your instance is scheduled in a host where there is no more resources available on it again communicates with the scheduler to pick an appropriate attempted the same thing until timeout..pls make sure whether you have resource to hold your instance as well as check whether all nova services are running in your controller node..if u deployed a multiple node setup,pls check the status of nova-compute..if it is not running..restart it

thanks, krishnaa