If you delete your player profiles, you will be at level 1 without any skills or schematics, books, magazines, etc. Everything else will be there, but you will not have access to any locked containers or vehicles or anything else that is considered "player owned". You will also not own any land claim, so be sure to remove it first.
You will need to look in your log out console to find your player profile ID. That will need to be deleted from the host or server for each of you. There are three files for each player. The filenames will match your ID. You should be able to find them in the Saves folder for that map, IIRC.