1. Is it too early to consider renting?
It's never too early to consider renting

you just have to know that you can only rent at the 11 month out mark from someone who actually has points at that resort - ie if you wanted to rent my points at AK for November I could do that for you this coming December but if you wanted me to book say Boardwalk you'd have to wait until May
2. How do I check reference?
Good question - you could ask if they have rented on this board before and would then give you a few names but think of it this way too - the person with the points is also assuming a risk and trusting that the person renting won't cause problems that would come back financially on them. but if you need to go a head and ask for references then contact them - i'd ask for phone numbers as well.
3. How does one check to verify the reservation?
you can't - the only "proof" you can get is if they send you a copy of the reservation documents that gets sent out within 2 weeks of making the reservation.
you can not contact MS yourself.
4. Are there any dining plans or are the meals out-of-pocket?
You can get the
ddp or dddp and don't have to pay for it until you arrive but again you can't call MS - the person making the reservations has to do that for you.
5. What would I need for a family of four for a five night stay?
are you talking about room size? 4 people could stay in any room so it just depends on how much money you want to spend (just like making a cash reservation)
6. How would I book my reservation for the tix and such (magical Ex)??
Again the person doing the booking would have to do this for you - you would have to give them your flight info.
what you need to provide is
all the names staying in the room
ages of any child in the room
if you want the ddp
if you want the magical ex. you'll need your flight info
and you should have an idea on how you want to pay for this. in my case i booked a reservation for someone travelling in April - she paid half after I called to make the reservation and gave her the confirmation number verbally then the balance once I scanned the reservation document and emailed it to her.
be careful of someone saying they'll do it but won't take paypal and only want a money transfer - i think most people on here take paypal which will give you confirmation that they got the money and you also have the option of paying it on your cc so if there is a problem you can contact them.
good luck.