Steps:

• Combine the water and milk in a microwave-safe liquid measuring cup or bowl. Warm the milk and water to 105-115° F. (If you do not have a microwave, you can warm them in a pan on the stove.)
• Pour the milk and water into the bowl of a stand mixer.* Add the honey and yeast and stir to combine. Let stand for 5 to 10 minutes, until the yeast starts to foam or bubble. If nothing happens after 10 minutes, your yeast may be dead and you should start over with new yeast.
• Add the flour, salt and butter to the bowl. Mix using the paddle attachment until everything is combined.
• Switch to the dough hook. Knead the dough on low speed for about 8 minutes. The dough should feel slightly sticky when you touch it, but a lot of dough shouldn't stick to your finger. If the dough is very sticky, add more flour, 1 to 2 tablespoons at a time. As the dough kneads, stop the mixer every few minutes, as needed, and use a spatula to scrape the dough away from the sides of the bowl. After kneading, the dough will be a little sticky and very soft. It won't hold its shape tightly in a ball, but should hold together when you transfer it to an oiled bowl using your hands or a spatula.
• Transfer the dough to a large oiled bowl and turn it once to coat it with oil. Cover the bowl with a clean kitchen towel and let the dough rise for about an hour, until it has doubled in size.
• Grease a 9 x 5-inch or 8 ½ x 4 ½-inch metal or glass bread pan. Use your hands to gently punch down the dough, deflating it and popping any air bubbles. Transfer the dough to a lightly floured work surface and shape it into a ball. Then use your hands to gently pat the ball into a loaf shape. Put the dough in your greased bread pan.
• Cover with a clean kitchen towel and let the dough rise in the bread pan until the top of the loaf is just above the top of the pan. This should take about 20 to 30 minutes. Meanwhile, preheat oven to 350° F.
• Bake the bread for 35 to 45 minutes, until the inside registers 190° F on an instant-read thermometer. If using a glass baking pan, the bread will take 35 to 40 minutes. It will take 40 to 45 minutes in a metal pan. If desired, rub the top crust with butter as soon as the bread comes out of the oven.
• Let the bread cool for 20 minutes in the pan and then remove it to a wire rack to finish cooling. The bread will slice easiest when it is cool. Store in an airtight container at room temperature for up to 3 days or in the freezer for up to 3 months.