What i would do is make a sprite called CheckpointNode or something of that nature
Then maybe a instance variable on the player like "Lives" (give it a number of course for example 3)
and when the player is supposed die/lose a life you can subtract a life and set the X/Y to CheckpointNode.
If you have multiple CheckpointNodes you can make a variable to hold which checkpoint the player touched last so you can send him back to the right checkpoint.
I probably said more that I should have hope I helped