In a large mixing bowl, combine flour, yeast, sugar and salt, mixing well.
In a saucepan, heat milk, water and butter until very warm - 120 to 130
degrees F. The butter doesn't need to melt. Add to flour mixture, add eggs and
beat at low speed until moistened. Beat for 1 minute at medium speed.
Cover bowl with plastic wrap and foil; refrigerate several hours or overnight.
Stir down batter. Bake in waffle iron or Belgium iron on medium heat.