Installing multiple instances of the same sim (Steam)

[RaceWasGood]

I'm not sure if this is the right forum for this question, but it didn't fit in anywhere else either imo

So, i'm wondering if there's a "common way" for Steam users to install multiple instances of one sim? I've done this for Euro Truck sim 2 and American Truck sim as well, using a shortcut to the executable with the -homedir startup parameter, but i guess that's specific for ETS2 and ATS.

Right now i'd like to make a second instance of RACE07, but in general it would be nice to have that option for any sim. For example keep one vanilla version and some other for specific mods etc.