This is just a quick little basic laning build that im writing up to show everyone the build that i've used on my main master yi, for 4 months and constantly dropped games.

I use these runes as they help give you a massive advantage to taking early frags, especially against squishy characters. the armour pen and the damage makes tanks easier to kill early game and also squishy characters can be killed with absolute ease at level 6. The attack speed runes are just to boost your attack speed that little bit more at late game, and nearly maximises your attack speed when your ulti is activated.

The summoner spells that i take arae Exhaust and Ghost, The reason i take these two spells is for these reasons;
1. With both ghost and exhaust and your ulti it makes chasing a fast char so much easier than without them both.
2. in a team fight you can exhaust the most threatening character and kill them, while noticing if another player is fleeing the fight with a slight headstart you can activate your ulti again and your ghost and you catch them easily and kill them aswell.
3. these two spells are great getaway spells for master yi, if you are nearly dead you can exhaust the threatening character, ghost and ulti away. you will be running at about 700 speed with your phantom dancer and therefore easily getting away.

Other masteries you may consider:
Flash - I tend not to like flash as sometimes it is a waste of a spell due to your insane speed and your alpha strike.
Ignite - Some people tend to take ignite if they are up against a team with life steal characters, as it lowers the amount of lifesteal they will recieve, however with your crazy burst dmg with your items it will be useless mid and late game.
I personally do not like any other spell with yi, however it may come to your use a lot better than mine.

This skill sequence was chosen by me as i slowly started to learn to play master yi a little bit more in LoL , i realised with the fast wuju style max out you can deal an unbelievable amount of damage mid an early game when combined with your runes. you do not need to max or get many points in your meditate early as you will not be playing ap yi and therefore it will not really come in much need.

My items are chosen, as together they deal masses amounts of burst dmg, and can be very deadly to both tanky and squishy characters. Alternatives you may take are:

Against a tanky, high health team - You may want to swap your bloodthirster for either a madredz bloodrazer, or a last whisper.

If against a CC team, early game you may want to purchase a quicksilver sash just before you buy your BF sword.

Early game
Early game you wanna make sure that you are getting last hits and gaining as much xp as you can. When you are level 3 you can make your first move on a character. You want to gain your double strike, so your next hit attacks twice, you want to activate Wuju style and Alpha strike onto the weakest champion in your lane, you should drop about half - 3/4s of his health immediately if he is a squishy character. If you do not kill, do not fear, if he recalls then he is just missing out on gold and exp that you are not. If he stays in lane just gain your double strike again and you should be able to chase him down and kill him.

Mid game
Mid game you want to gank around lanes, you and your team want to take dragon as much as you can before the opposite team. If you have a jungler on your team you may want to ask him if you can take the red buff everytime it is up as this comes to a massive bonus for you. You want to roll around the map, grabbing as many kills as you can, and taking as many towers as you can, weather you back door, or you push while your team distracts theirs.

Late game
If your team is winning just keep pushing with your team, try and engage a team fight either in the jungle or just off their towers, once you win the team fight you want to take Baron nasher, and make another push. You will gain a massive boost to you damage and will be able to insta-kill nearly every squishy character and easily take on a tank. Keep pushing the towers as much as you can with baron as it gives your team a massive advantage over theirs.

This is just a basic build information, not too packed with words, simple and easy to follow. Can give you beastly damage and may give your team that extra boost. This is just my build, you may use it if you want but dont flame as i have pulled off some fantastic results with this build!

Thanks for reading and Goodluck fragging :)