The post brownfox provided is a good one with a couple different aftercooler setups. Here is a previous post for reference with an example of an aftercooler setup and water separator before the air enters the compressor tank. Some people have used transmission coolers as the heat exchanger due to the lower cost. I chose a purpose built heat exchanger in my setup made for compressed air to ensure it could withstand the operating pressures out of the compressor head.
The water separator is right after the heat exchanger and pulls out all the condensed water before it ever enters the tank.