Find a place that is comfortable, somewhere that you feel relaxed. For some that would be the kitchen table, for another it would be their den. One friend of mine would get a cup of coffee and park his car in a mall parking lot. He had three young children at home and the sort of boss who walked into his office whenever and talked. For years my place was a chair under a grape arbor overlooking the hill behind my house. My wife and kids learned to respect my privacy. I really appreciated their cooperation.
To make your place distraction free, turn off the TV, radio, MP3 player, cell phone, ball game, dishwasher or other device that will pull your attention to the external world. Many people like to have a picture, icon, cross or other object that reminds them of God. I generally have a Bible and my current journal. They sort of remind me that this time is set apart to focus on hearing God without distraction.
As for time, Jesus would leave the circle of the Disciples generally in the morning and once again in the evening. If you go to an electronic index of the Bible and type into the search, “Jesus” and “pray” you will see that he prayed in the morning, evening or before preforming a miracle. This is not surprising since the author of Psalm One says:
1 Blessed is the one
who does not walk in step with the wicked
or stand in the way that sinners take
or sit in the company of mockers,
2 but whose delight is in the law of the Lord,
and who meditates on his law day and night. Ps 1:1-2 NIV
You may have other things you do to prepare a suitable place or maintain a specific time. It would be great if you shared your experience.