How should I create a "featured" post type?

I’m developing a site that has a series of custom post types. Each will have it’s own post image. I also want to be able to “feature” any of these posts on the homepage.

So I’m trying to wrap my head around the best approach to this. I want to be able to select only one post that is the main “featured” post and also select two other “sub-features”.

Any suggestions? I’m not sure how to designate only one post with this. I’m also not sure if I should use any taxonomic strategy to do this.

How about using custom fields for this?

Well, yes. I understand that. I’m looking for more details. I don’t know how I can set up a way so that only one post can be selected at a time.

For example I’d like to create a post type called “Featured” and when you create this, it offers a drop down menu (or search field) that allows you to select a single post you want featured. You hit published and it’s done.

However, I’m not sure if I’m thinking this through effectively enough or how I might produce this.

Check out: Post Types « WordPress Codex

Well, I understand how to make post types but my question may more closely relate to specifically to PHP or advanced Wordpress techniques. Or just general guidance. Within Wordpress’ post type functionality there’s no immediate option to search through a list of posts – of a different type – to set up a relation between the two. Etc.

Have you looked at the “Make this post sticky” option in posts?

WordPress › Support » Sticky post

I’ll look into the sticky function. That may help resolve some details.

my question may more closely relate to specifically to PHP or advanced Wordpress techniques

I am not sure what you mean by this. Php is what wp runs off of. Most of the things wp does is hidden behind predefined functions. If you know HTML, CSS, PHP and MySQL you don’t really need to use the predefined functions only.

Within Wordpress’ post type functionality there’s no immediate option to search through a list of posts – of a different type – to set up a relation between the two. Etc.

Did you read the link I gave? Post Types - Query « WordPress Codex

Apologies. I read that link just now more thoroughly. I’m sure I’m not being too clear but that’s unfortunately because I’m not sure how to communicate what I’m trying to do. I’m also not sure if I’m approaching this incorrectly.

Within the admin screen I want a user to be able to select only one post of any type, that will be featured on the homepage – such as with a custom field toggle button. I’m worried that a casual user would accidently select multiple posts and would be confused as to why one isn’t on the homepage and another is. That’s why I’m curious about setting up a way that only one post can be selected as “featured”. I’m not sure how to do this.

One idea I have right now is to create a featured post type. Within the admin of this featured post type, I envision a search field or drop down menu where you can select the specific post you want as featured. So basically the featured post type has a custom field that connects to another post that will actually be featured. I’m not sure how to do this though and i’m not confident that that would be the best approach.