Ok so when i hit 71. I do mq right. If I fail/pass i just go back to level 1 and keep my gear i had on but goes in inv? and just reselt my class i want and can keep on that guy? or how does it work? i dont lose nething do i?

You lose absolutely nothing. All your items are put into your inventory and you go back to level 0 with no class. Then just select a class and you'll be level 1 with no items on