Server/host - whitehat site mixed with BH sites?

Hello, while im about to set up my 100% whitehat authority site on a wordpress-loaded server (most likely will go with HostGator) - I had a question.

Assuming I can branch my host off into two folders to host two sites with different domains (pretty positive I can do this but havent used wordpress/hostgator before) - if I had one folder/site being the whitehat site, and the other folder/site being blackhat - Is this a bad idea??

I won't have adsense on the blackhat site, would most likely use clickbank or some other method, but since they would be under the same server, if the blackhat site got deindex'ed by google or worse, would that affect the whitehat site??

If so, what do you guys do to seperate your sites? Do you have/pay for multiple hosting services to be 100% sure they are seperated? What hosting service do you use? Is Hostgator the best?

Is there any way to remain safe while only paying for one hosting service, even though I'd be using mutliple sites??

And just another side question; so using blogger even if you are 100% whitehat, is not worth it right? That way I could seperate my whitehat from blackhat obviously.. but if I have both on the same server, thats kinda scary.

If you want use only one web host but have wish to run both white hat and black hat sites then using dedicated IP address for each site may protect your white hat sites.