Abstract-Our aim in this work is to propose fully distributed schemes for transmit and receive filter optimization. The novelty of the proposed schemes is that they only require a few forwardbackward iterations, thus causing minimal communication overhead. For that purpose, we relax the well-known leakage minimization problem, and then propose two different filter update structures to solve the resulting non-convex problem: though one leads to conventional full-rank filters, the other results in rankdeficient filters, that we exploit to gradually reduce the transmit and receive filter rank, and greatly speed up the convergence. Furthermore, inspired from the decoding of turbo codes, we propose a turbo-like structure to the algorithms, where a separate inner optimization loop is run at each receiver (in addition to the main forward-backward iteration). In that sense, the introduction of this turbo-like structure converts the communication overhead required by conventional methods to computational overhead at each receiver (a cheap resource), allowing us to achieve the desired performance, under a minimal overhead constraint. Finally, we show through comprehensive simulations that both proposed schemes hugely outperform the relevant benchmarks, especially for large system dimensions.