What exactly happen if I suddenly lose my race from reincarnation as a dragon disciple oracle kobold? Do I suddenly lose all class benefit including prestige class due to the fact that ''Scaled Disciple'' is a kobold reserved feat?
You do not lose feats, skill points, or favored class bonus. In the end, very little is lost. If you had a feat that has a race or physical ability score that prerequisite that you no longer have, the feat just becomes useless until you qualify for them again. I usually suggest the salve of second chance, as it cuts down the randomness of reincarnate.
Pulled from this thread. Not really official but it sounds right. I'm pretty sure this an ask your GM situation.