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I'm starting out an inquisitorial henchmen army and worked this 500pt list out and wondered if it's either killer or just plain bad.
I figured this doesn't necessarily belong in the army lists section as I'm up for discussion as to if it would not be fun to play/play against and also because it isn't set in stone and I'm looking for advice as I write the proper list, which this not.

Corteaz
3 death cult assassins
3 death cult assassins
3 death cult assassins
Land Raider

Depends on the "fun" level of the game. If it was just screwing around, I'd hate that list. If it was for a tournament I'd be running a Flyrant, some Termagants and Doom so... sure. Bring it.

A Landraider? At 500 pts?

I've never played inquistion, and don't know how good death cult assassins or Corteaz are... but it still seems to be your putting alot of your firepower into one big tank.

It seems to me that once the LR dies, then your whole army is done for. Sure, 14/14/14 can be hard to pop at 500 points, but it's easily possible.

Not quite sure on what Death Cult Assassins are like to be honest

It's hit or miss. A lot of 500 point armies won't be able to drop the Land Raider. The ones that can't will lose. The ones that can will probably win.

The idea being, LC any mech or big threats and unload 27 str5 power weapon blows at I5 which would slaughter pretty much anything... As long as they don't get blown to bits that is.

You almost certainly won't get 27 power weapon attacks, because only one of those units can ride in the Land Raider. The other two 3 man units are going to take the combined fire-power of anything that can't hurt the LR. Three wounds at T3 with a 5+ invulnerable isn't that durable, so even at 500 points it shouldn't be that hard to wipe two squads of it off the table in a turn or two.

You need to have one bigger squad of assassins for this to work. Then you can have a squad of three warrior acolytes for 12 points to meet the troop requirement.

I have no idea if this army would be any good, but it seems rather boring.

No, that list wouldn't be too challenging at 500 points and I would not hate you. It is flawed, as your DCA's will be killed very quickly, and the land raider will be dead early on against Necrons or DE, and lose to the Space Wolf version of LR at 500 most times. Maybe you could try 5 Razors at 500 points?