Are there time limits I have to watch when applying for a Schengen Visa?
Yes, there are indeed.
According to Article 9 (1) of the Schengen Visacodex the application for a Schengen Visa may be made at the earliest six months prior to the first entry into the Schengen States.
According to Article 12(a) the passport of the traveller must be valid for at least another three months after the planned departure from the Schengen States and have two free pages for visas.
Please note that the processing time for a Schengen-Visa application is in general one week. It is not possible to expedite the visa processing.