As @Khurshid_Alam pointed out, this error is occurring due to the access issue. You will need to ensure that "Auto included" is selected for "Properties" in the Launch product profile permissions in the Admin Console. So, this error occurs because your account would have access to say, 2 Launch properties only. You wouldn't have access to any new property that you would be creating. So, it's recommended that you "Auto Include" to ensure that access to any new property is always provided.