The sizehint argument for readlines isn't what you think it is (bytes, not lines).
If you really want to use readlines, try text.readlines()[:30] instead.
Do note that this is inefficient for large files as it first creates a list containing the whole file before returning a slice of it.
A straight-forward solution would be to use readline within a loop (as shown in mac's answer).
To handle files of various sizes (more or less than 30), Andrew's answer provides a robust solution using itertools.islice(). To achieve similar results without itertools, consider:
output = [line for _, line in zip(range(30), open("yourfile.txt", "r"))]
or as a generator expression (Python >2.4):
output = (line for _, line in zip(range(30), open("yourfile.txt", "r")))
for line in output:
# do something with line.
lines = text.readlines(30)?