I'm a soapmaker and it's one of my primary ingredients.
I would not advise using water in your formulation unless you also use a preservative. Water is a growing medium for mold and bacteria, so unless you are making one time use batches or storing it in the fridge and using it within a month, I would avoid it. You can make yourself or other people very sick.
As a thinner, I would instead use sweet almond oil (it's non pore clogging, in a pinch you could use olive oil, but see how your skin reacts) instead of the water and then you don't need to worry about mold and bacteria growth.
Melt the oils and waxes and whip as it cools and you'll make a lovely moisturizer.
Rough start due to major carb WD.
MWF: 1 hour run/walk, 1.5 hours in the gym - upper/lower and core
Sat/Sun=Yard/house work, chasing kids, playing
Family walk every night instead of everyone vegging in front of the TV
Personal trainer to build muscle mass & to help meet goals