In a microwave safe bowl or measuring cup, combine the water, milk, melted butter and honey. Microwave for 1 minute, then give it a stir. Then microwave in 15 second intervals until it is warm, but not hot. It should be between 100-115F. Pour the mixture into the bowl of a stand mixer and sprinkle the yeast over the top. Give it a quick stir, then let it sit for about 5 minutes, until the yeast is foamy.