Mix the water and yeast together and allow to rest for 5 minutes until the yeast dissolves. Begin by adding 2 1/2 cups of flour, salt and olive oil to the water/yeast. Stir until a shaggy dough is formed. Sprinkle flour onto a clean surface and turn dough out and knead for 5-7 minutes. Add more flour as needed to achieve a smooth and elastic dough.
Lightly oil a bowl and add dough, turning once to coat it. Allow to rest for 1-2 hours until the dough has doubled in size. Gently punch down the dough and turn out onto a lightly floured surface. Divide into 8 pieces and flatten each piece into a disk. Sprinkle pieces with a little flour and cover with plastic wrap until ready to bake.
On a lightly floured surface, roll each disc into an 8"-9" circle, using a floured rolling pin. Lift and turn dough, dusting surface with additional flour as need to keep from sticking.