Don't make your equipment visible from any windows. Don't tell anyone about your equipment. Get renter's/homeowner's insurance.
As far as the police, you can call your power company and let them know what's up, but that's probably not necessary.
Thanks for the response

My biggest concern related to theft, is that someone will break in hoping to score a laptop & TV, but stumble upon the servers, and stealing those too. Do you think it'd be good enough to have the rack bolted/welded into the floor and each individual server locked into the rack cabinet?
Thanks for the idea on calling the power company! I probly never would've thought of that xD
@ mufa23:
haha that'll work while I'm home, but not while I'm away! xD + I already got a shotgun with .00 buckshot & a .40 glock

How would you not have thought of that?
Have you even considered how much electricity '700 pounds' of equipment is going to pull? You're probably going to have to have the electrical company run you a special connection (assuming they will) for all the power you're going to need.