About the meanings:
好き means "to be fond of" or "like". It can mean favorite as well, especially if it is eg in a comparison used together with 一番 (いちばん) -> most that I like = favorite. Otherwise it can mean favorite if you use it as na-adjective. Depends a bit on the context.
and about that it can mean love: Japanese (as far as I know) don't really say "I love you" literally so smth like 愛してる or so, but rather 好き or even more 大好き. That's ehy you should be cautious when saying 好き in the context of a person. Then it might be thought that you love that certain person.