Well, if you have your wait actions with a timeout, that is exactly where the flow fails - a timeout is exceeded on one of your wait actions, because the event that it is waiting for does not occur. And this makes your flow fail. The problem here lies with whatever happens before the wait. For example, if you're clicking a button and expecting some window or content to pop-up, but the button click does not work as intended, the wait will fail.
The problem here, however, is the fact that you are not entirely sure which wait it is that fails, so it is harder to determine why that happens. You might want to add an On block error action on your flow to handle your error and to call a sub-flow that will do a Get last error action and then Write text to file to write the error to a text file. The output of Get last error will have the action name and number of the action that caused the error. So, you will be able to pinpoint the exact wait action that times out.
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