I have a separate server setup or in some cases, I'm using an external shared storage service.
It's possible to put a shared disk on one of the computers but I don't recommend this because if that server goes down, the system as the whole goes down.
FYI, I'm putting my database files on the shared storage too. Note, that I have a separate database server - I'm just putting the data on the shared storage.
Just re-read your question again.
If the 2 liferay instances are in the same machine
This depends on whether you have a active-active setup or an active-passive setup. With an active-passive setup, you can just use the local drive.