Preheat a large skillet over medium-high heat. Add turkey; cook and stir until browned, about 5 minutes. Add tomato sauce, water, green chile peppers, onion, taco seasoning, and garlic; simmer, stirring occasionally, until thickened, about 30 minutes.
Spoon turkey mixture over tortillas. Top with lettuce, Cheddar cheese, tomatoes, green onion, cilantro, and sliced olives.