H700 controller support creating multiple virtual disk. You can create RAID 1 and RAID 5 on same controller using different disk drives. Please refer "Storage Controller Features" section on page 21 of below link for details [URL] 
I have 2x600MB 15K drives that I want to mirror for the OS.  I also have 4x2TB drives to setup as RAID 5 Can I configure the PERC H700 for both mirror and RAID? FYI, this system from the factory had this setup; I'm just not sure how to recreate that configuration.  
How to recreate a Dell R710/Perc H700 Configuration