Supposedly Python 2.7 is included native to OSX 10.8 and above (if I remember correctly), but I recently installed Python 3.5 to use for projects while I work through UDacit
As others have said, if the installation directory is different it should be no problem at all.
One thing that'll make your life easier for switching between the two is to use an IDE such as PyCharm, you just have to change a drop down to switch between the two versions.