You were correct to use WaitForSeconds. But I suspect that you tried using it without coroutines. That's how it should work:
public void SomeMethod()
{
StartCoroutine(SomeCoroutine());
}
private IEnumerator SomeCoroutine()
{
TextUI.text = "Welcome to Number Wizard!";
yield return new WaitForSeconds (3);
TextUI.text = ("The highest number you can pick is " + max);
yield return new WaitForSeconds (3);
TextUI.text = ("The lowest number you can pick is " + min);
}