Installing SQL Server 2008 r2 and 2012 on same machine

In our environment we are having conversation on having 2 SQL instances on the same machine with 2 applications pointing one to SQL Server 2008r2 and the second one to 2012?
 
I know its possible as long we have different drive available which would be specific for each installation.  

Need to know the Cons and Pros since there is 2 versions of SQL Server and 2 applications.
angel7170Asked:
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Kyle AbrahamsConnect With a Mentor Senior .Net DeveloperCommented:
Sql server is completely isolated. The only difference would be having at least one named instance.

if the applications are isolated as well, it shouldn't matter what's pointing where.  The only other issue would be resource availability  (EG: Enough ram / hd space) and the need for duplicate jobs (eg: backup all databases on the 2008 and then a different job to backup all on the 2012 server).
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angel7170Author Commented:
Thank you...this was helpful!
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