You are likely to get more responses to this question if you post in the Multifunction I/O category rather than the LabVIEW category.
I am also not seeing a timeout parameter for the asynchronous NI-DAQ functions, but there are ways to implement a timeout scheme. In the DAQsingleBufAnalogTrig.c example, you see that they call DAQ_Check in a loop to get the status of the analog operation. You could set your program to loop a fixed number of times and if the acquisition is still not finished and the number of retrieved samples is 0, you can conclude that a timeout has occurred. Or instead of setting a fixed number of loop cycles, you could keep track of the time elapsed using the Timer functions provided by your compiler environment.