After some research into other methods people have used, I figured it out and wanted to share.
I tried the ".setHtml" function with the QTextEdit, but it didn't work.
I figured out you can change the text color, add your text and then change it again and any text that's added after you've changed the color turns to that color, but nothing else.
Here's an example.
redColor = QColor(255, 0, 0)
blackColor = QColor(0, 0, 0)
# First, set the text color to red
self.myTextEdit.setTextColor(redColor)
redText = "I want this text red"
self.myTextEdit.write(redText)
# To change it back to black, we manually use `setTextColor` again
self.myTextEdit.setTextColor(blackColor)
blackText = "And this text black"
self.myTextEdit.append(blackText)
And also, I want to add. ".write" and ".append" functions don't work for my "QTextEdit" class. Not sure if yours do, but what worked for me was the ".insertPlainText" function. Just convert your string to a "QString" like so
blackText = QString(blackText)