Not everyone likes reading long builds, so i have decided to try and keep this one short but with all the information you would need to play Master Yi.
Master Yi I quite the champion. Even noobs can play him!

The item build is what i build in game, it is only a guidline, you can change items depending on the team if they have quite a bit of ap damage get magic res and drop a bloodthirster, or if they have mixed amount you're doing well but have to back each fight go for a guardian angel for magic resist and armour, or finally if they have quite a bit of armour get more armor penetration.

The runes i use are armor penetration marks, flat armor seals, attack speed glyphs and flat attack damage quintessences.
With the armor pen marks you can easily take out so called "tanks" early game, they also help for later game.
Master Yi doesn't have the best survivability early game, flat armor can help prevent you from giving away first blood.
I play Master Yi, as most people would say, a right click champion, meaning you right click and get the kill.(people only complain because they cannot beat him when played well) This is why i take attack speed glyphs .
Flat attack damage quints to be that step forward to first blood and getting fed.

I take Exhaust on Master Yi, not to catch up, but to make their ad carry useless in team fights.
Ignite is always useful to prevent lifesteal, spell vamp or anything else that restores health points. It deals true damage, if the tank is the only one preventing you from gaining an ace and low health points, put ignite on him and keep attacking and he will be done for.

Pros

Can easily take turrets, then eventually backdoor alone
1vs1 most champions
Cannot be caught/cannot be slowed

Cons

Ignite will mess him up
Exhaust will mess him up(without ult)
Crowd control will mess him up

As you can see i have no skill with creating builds, but i know how to play quite a few champions, any champion i play i will eventually have my own items to buy than a build i may have used at first. I did not use a build for Master Yi ever.
If you have any suggestions i can add to the guide please comment, also if you have any problems with the guide please comment.

Thank you for reading(if you did read it)
And have fun owning people with the power of right clicking.